6 Best AI Tools for Contract Management (2024)

Contracts are vital in business, impacting partnerships, vendor relationships, and legal safeguards. Managing contracts involves complex tasks like document reviews, compliance, and negotiations. Artificial Intelligence (AI) is a transformative solution to these complexities. Explore this article to discover the best AI tools for contract management, with the potential to revolutionize business processes.

These AI tools automate contract management, expediting document reviews, ensuring compliance, and optimizing negotiations. The blog aims to empower businesses with insights for informed decisions on integrating AI into their strategies.

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Table of Contents

Best AI Tools for Contract Management 🏆

Evisort

Evisort‘s AI undeniably enhances a specific aspect of the contract management process, particularly for scanning and analyzing contracts. However, if your requirements extend beyond this and encompass end-to-end contract management, involving tasks such as drafting, negotiation, approval, and reporting, you’ll require a more comprehensive platform designed to streamline your workflow, rather than one primarily focused on AI for its own sake. Developing and training such a system demands significant time and substantial volumes of data, which many companies simply don’t have at their disposal.

💻Key Features of Evisort:

Contract Analysis: Evisort uses artificial intelligence to automatically extract and categorize key information from contracts, such as parties involved, dates, terms, and clauses.
Search and Retrieval: Users can search for specific contract terms, provisions, or documents using natural language queries, making it easier to locate relevant information quickly.
Contract Lifecycle Management (CLM): Evisort provides tools for managing the entire contract lifecycle, from creation and negotiation to execution, storage, and renewal.
Compliance Monitoring: The platform can assist in monitoring contracts for compliance with terms and regulatory requirements, alerting users to potential issues.
Integration: Evisort can often be integrated with other software systems, like CRM and ERP systems, for a more seamless contract management process.

👍Pros:

Efficiency.
The use of AI and machine learning algorithms in Evisort can improve the accuracy of contract data extraction and analysis.
Evisort provides analytics and insights on contract data.
It acts as a centralized repository for all your contracts.
The tool allows for collaboration among team members.
Integrates with other software and tools commonly used in business operations.

👎Cons:

Implementation can be expensive.
Users and administrators may need time to learn how to effectively use the software.
It may not cater to highly specialized or unique contract management needs without additional customization.

💰Evisort Pricing:

14-day free trial: Free.
Basic plan: $40 per month.

ContractWorks

ContractWorks AI is a contract management software that uses artificial intelligence (AI) to help organizations manage their contracts more efficiently. It streamlines the entire contract lifecycle, from creation and negotiation to storage and analysis.

💻Key Features of ContractWorks AI:

Contract Repository: ContractWorks AI provides a secure digital repository for all your contracts, making it easy to organize and access them whenever needed.
AI-Powered Search: The platform uses AI algorithms to enable powerful search capabilities. This allows users to quickly find specific contract terms, clauses, and documents.
Contract Tracking: The software can track the status and key dates of contracts, such as expiration dates, renewal dates, and key milestones. This helps organizations stay on top of their contractual obligations and opportunities.
Reporting and Analytics: ContractWorks AI can generate reports and provide analytics on contract performance, giving organizations insights into their contract portfolio’s health and potential areas for improvement.
Integration: It often offers integrations with other software systems, such as CRM, ERP, and document management systems, to streamline data flow and improve overall business processes.
Scalability: ContractWorks AI is scalable, making it suitable for both small businesses and large enterprises. Organizations can choose the level of functionality and services that meet their specific needs.

👍Pros:

The tool provides a centralized location to store and access all your contracts.
It offers features for organizing contracts with tags, categories, and search functionalities.
It allows you to track changes and manage multiple versions of contracts.
ContractWorks can automate contract approval processes, reducing manual tasks and improving efficiency.
This tool may integrate with other software tools (e.g., CRM, ERP) for a more comprehensive contract management solution.

👎Cons:

It’s expensive for small businesses.
Users need time to learn how to use the software effectively.
Migrating existing contract data into the software is complex.
Limited collaboration.

💰ContractWorks Pricing:

Free Trial: Available.
Pro plan: Starts from $700 per month.

Coupa

Coupa is a well-known company that specializes in spend management and procurement. It offers a cloud-based platform that helps businesses control their spending, improve efficiency, and make informed decisions regarding their procurement processes. Coupa’s solutions cover areas such as expense management, procurement, invoicing, and supplier management.

💻Key Features of Coupa:

Procure-to-Pay (P2P): Coupa provides end-to-end procurement and purchasing capabilities, allowing users to request, approve, order, and receive goods and services within a single platform.
Expense Management: It helps organizations manage employee expenses, enabling users to submit and track expense reports.
Supplier Relationship Management (SRM): The platform helps businesses manage their supplier relationships, including onboarding, performance tracking, and collaboration with suppliers.
Budget and Spend Control: Coupa allows organizations to set and monitor budgets, enforce spending policies, and gain better control over their expenses.
Mobile Accessibility: Coupa offers mobile apps that allow users to access the platform on the go, making it convenient for employees and managers to handle expenses and approvals.
Security and Compliance: Coupa places a strong emphasis on data security and compliance, including GDPR and SOC 2 compliance, to ensure that sensitive financial data is protected.

👍Pros:

User-friendly interface.
Intelligent optimization recommendations.
Availability of commerce-driven reports and other analytics.

👎Cons:

Complex.
Integration challenges.
Mobile app limitations.

💰Coupa Pricing:

Registered: Free.
Verified: $549 per year.
Premium Support: $449 per year.

Genie AI

Genie AI, an innovative legal technology platform, harnesses the capabilities of artificial intelligence to streamline the creation, negotiation, and evaluation of legal documents for businesses and individuals. This tool empowers users to handle legal documents with confidence, eliminating the need for a solicitor.

💻Key Features of Genie AI:

Extensive Template Library: Genie AI offers an extensive library of over 4,700 free templates, providing users with an extensive resource to kickstart any legal document.
AI-Enhanced Legal Document Management: Genie AI leverages advanced AI technology, specifically GPT-4, to provide invaluable assistance in the creation, negotiation, and review of business legal documents.
Rich Text Editing: The platform incorporates a rich text editing feature that enables users to effortlessly generate and format headings, paragraphs, blockquotes, images, and videos all within a single interface.
Content Editing: Genie AI supports both static and dynamic content editing. Users can seamlessly insert static content into any page and begin editing.

👍Pros:

Genie AI can automate tasks and processes.
This tool can quickly analyze vast amounts of data.
It’s used to personalize user experiences, such as recommendations in e-commerce.
It can make predictions based on historical data.

👎Cons:

It is costly.
The free plan lacks advanced features.

💰Genie AI Pricing:

Starter: Free
Agency Unlimited: $64.30 per month (billed annually)
Pro: $34.30 per month (billed annually)
Writer: $14.20 per month (billed annually)

ContractPod AI

ContractPod AI represents an advanced contract lifecycle management solution tailored for contemporary businesses. This cutting-edge AI-driven tool is an ideal choice for legal departments and enterprises seeking to enhance the efficiency of their contract management processes, mitigate risk, and boost productivity.

💻Key Features of ContractPod AI:

Intelligent Repository: ContractPod AI provides a centralized hub for all your contracts and legal documentation.
Seamless Collaboration: It seamlessly integrates with critical business applications such as Salesforce and MS Dynamics, enabling self-service contracting and providing solutions for procurement and HR needs.
AI-Powered Legal Assistant: Meet Leah, your AI-driven legal assistant, poised to usher you into the future of contract management. Leah excels at automating repetitive tasks, liberating your time for strategic thinking and value creation.
Synergy of AI and Human Expertise: ContractPod AI harnesses the combined capabilities of AI and human intelligence.
Data Capture: The platform offers real-time access to data through visually engaging dashboards and customizable reports, enhancing the performance of your legal team.

👍Pros:

Efficient and automatic.
Contract tracking.
Centralized repository.
It can scale to accommodate the needs of both small and large organizations.

👎Cons:

Ensuring seamless integration with existing software and systems can be challenging.

💰ContractPod AI Pricing:

They have 3 tiers plan: Standard, Premium, and Configured Platform. Contact them for a quotation.

Della AI

Della AI is a state-of-the-art contract review solution that empowers law firms and in-house legal teams with the power of artificial intelligence. This tool is designed for legal professionals seeking to enhance their contract review process, ensuring speed, reliability, and confidence in their outcomes.

💻Key Features of Della AI:

AI-Powered Contract Review: Della AI’s advanced artificial intelligence makes contract reviews faster and more reliable
Robust Process: It helps build a robust process for all contract reviews, reducing risk exposure and ensuring high-quality outcomes.
Rapid Adoption: Della AI has been built for lawyers, making it as intuitive and simple to use as possible. This ensures rapid adoption and seamless integration into your existing workflows.
Cutting-Edge AI: Its innovative AI technology allows you to ask questions about your contracts, speeding up the review process and ensuring comprehensive coverage.
Speed and Efficiency: With Della AI, you can review contracts four times faster. The tool is easy to set up and delivers an immediate return on investment, making contract review more profitable.
Multilingual Capabilities: This tool has been trained in 20+ languages, making it a versatile tool for global legal teams.
Advanced Reporting: Della AI can assist with due diligence reports, repapering, contract summarization, and negotiations, providing comprehensive support for your legal needs.

👍Pros:

Supports multiple languages.
Efficient.
It has numerous advanced features.

👎Cons:

Emotionless.
Not accurate with facts.

💰Della AI Pricing:

Starter: Free Trial.
Premium: Contact for a custom quote.

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How to Choose the Right Contract Management AI Tool 🧐

When choosing the right Contract Management AI Tool, you should consider various factors to ensure that the tool aligns with your organization’s needs, improves efficiency, and helps reduce risks.

Specific Use Cases: Define your organization’s specific use cases and goals for contract management. Are you looking to streamline contract creation, automate approvals, enhance contract search and retrieval, or improve risk assessment?
Budget: Determine your budget for a contract management AI tool. Understanding your financial constraints will help you focus on options that fit within your budget.
Features and Functionality: Evaluate the features and functionality of the AI tool. Key features to consider include contract storage and organization, automated contract authoring, collaboration and approval workflows, contract analysis with AI, notification and alert systems for key dates, and integration with other software.
AI Capabilities: If you’re specifically seeking AI-powered contract management, assess the AI capabilities offered by each tool.
Scalability: Ensure that the tool can scale with your business as it grows. Consider factors such as the number of users, contract volume, and the ability to adapt to changing needs.
Integration: Check if the tool can integrate with your existing systems and software, such as customer relationship management (CRM), enterprise resource planning (ERP), e-signature platforms, and other relevant tools
Compliance and Security: Security is critical to protect sensitive contract data, so inquire about data encryption, access controls, and data backup procedures.

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Frequently Asked Questions 🙋‍♂️

What types of contracts can AI tools handle?

AI tools can be used to manage a wide range of contracts, including sales agreements, procurement contracts, service agreements, NDAs, employment contracts, and more.

What are the key features of AI contract management tools?

Key features include contract data extraction, contract analysis, contract search and retrieval, automated alerts and notifications, reporting and analytics, and integration with other software systems.

Are AI contract management tools suitable for small businesses, or are they primarily for larger enterprises?

AI contract management tools can be beneficial for businesses of all sizes. While larger enterprises may have more complex and numerous contracts to manage, smaller businesses can also benefit from improved contract efficiency and reduced risk.

How secure are AI contract management tools in terms of data protection and privacy?

Reputable AI contract management tools should have robust security measures in place to protect sensitive contract data.

How can I evaluate and choose the right AI contract management tool for my organization?

When selecting an AI contract management tool, consider factors such as your organization’s specific needs, budget, user-friendliness, security features, integration capabilities, and vendor reputation.

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Conclusion 📌

Choosing a tool is the most crucial part of a smooth operation. Based on these criteria, the best AI contract management tool for one organization may not be the same as for another. It’s important to thoroughly assess your organization’s needs and priorities to make an informed decision. Additionally, it’s a good practice to consider a trial or demo of the tool to ensure it meets your specific requirements before committing to a long-term contract.

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6 Best AI Tools for Contract Management (2024)