Vaultedge Blog

Lawyers and Contract management professionals spend copious number of hours in pouring over multiple number of documents for the seemingly daunting and tedious task of due diligence, contract review and compliance requirements. A lawyer doing a transaction due diligence typically spends 3 to 4 hours to review each contract. A contract management professional spends 6 to 8 hours to abstract a contract and create metadata and clause information. Most of this time is spent in converting scanned contracts into text files, reading through the contract, extracting relevant clauses and creating summaries. Only a small amount of time is actually spent in applying legal skills to come up with insights. Vaultedge Contract Analysis (VCA) is a software that automates a large portion of contract review and abstraction job so that lawyers can spend less time doing repetitive tasks and more time in advising clients.  VCA is an Artificial Intelligence (AI) based software that saves upto 8...

“The truth is, lawyers are not always the gold standard. In some cases, the gold standard is lawyers plus AI.” - Robert Ambrogi, Lawyer and Media & Technology professional Introduction Our understanding of “Artificial Intelligence (AI)” is largely guided by the world of fantasy fiction presented to us via books or movie. If that is the case then we need to take a huge step back because we have not yet reached a time where robots can run rogue after committing murder. However, the development of AI has in fact reached a level where you can just not ignore it. Every person with a digital footprint has experienced AI at some level. For example the e-commerce site you visit uses Machine Learning (which is one type of AI) to predict what you may like to buy next and show those products to you. Video streaming sites like NetFlix use AI to predict what you want to watch next. So whether one realises it or not, AI is already being used widely across many areas. This artic...