22.11.2018 | News IntraFind further expands Contract Analyzer
The Contract Analyzer has now also integrated automatic recognition for key contract types, which can also be trained for very individual taxonomies. The provider has increased the number of contract clauses and data points automatically recognized by the software to over 150. The clauses now range from severance clauses and non-assignment clauses through liability exclusions and rental purposes to contractual penalties and non-competition clauses.
"We have now integrated the next wave of our Advanced Learning procedures into the product and are thus expanding the already broad range of applications of our Contract Analyzer," says Franz Kögl, CEO of IntraFind Software AG.
The Contract Analyzer is an intelligent reading aid with which lawyers can automatically evaluate large stocks of contracts, for example in the event of changes in laws or company takeovers. Based on modern machine learning procedures, the software automatically recognizes clauses and important data points and extracts them for targeted checking, commenting and processing. The software, which incorporates the feedback of numerous lawyers from a wide variety of legal fields, supports contracts in German and English.
The AI-based software is already pre-trained for many purposes, but can be learned quickly and intuitively via simple user feedback. New findings such as clauses, data points or text passages can be trained from scratch. Specialist lawyers save an enormous amount of time and resources with the Contract Analyzer because they no longer have to read contracts individually and manually mark jobs. They can concentrate more on their core tasks and minimize the risk of overlooking relevant clauses.
The Contract Analyzer is available as a SaaS solution. This is operated by IntraFind on a secure, specially hardened system in Germany and is multi-client capable.
"The central brand promises of the Contract Analyzer have met with a very positive response from our customers", Franz Kögl continues: "The entire expert knowledge remains exclusively with the customer and is not socialized. There is no vendor lock-in. The customer can export the training data created by him on request and does not have to start all over again with another provider".
IntraFind presents the Contract Analyzer at the Legal-Tech-Congress "Legal (R)evolution 2018", which takes place on December 4th and 5th in Darmstadt. In addition, Franz Kögl, CEO of IntraFind, will give a lecture on the program of the event. Using concrete practical examples, he will explain how law firms and legal departments increase competitiveness with the help of AI-based contract analyses.