Juro, the contract collaboration platform, has launched an NLP-driven contract reader to rapidly analyse uploaded contracts and extract key data from them, in a move that should improve efficiency for inhouse legal teams.
The innovation comes as the drive to provide corporates with better contract analysis tools increases across the market. The company said it sees this as a big step forward for its platform, with the Contract Reader expected to help current and future users in terms of key data visibility.
I.e. rather than having to read through each contract ‘manually’, or ask a junior staff member to tag and extract by hand all the key data points to store in a separate database, Juro’s new reader zips through and does it automatically within its own platform. End result: more time to be lawyers, less time spent on ‘legal admin’.
How it works:
- Upon uploading contracts into the platform, Juro’s Contract Reader uses machine learning models to parse and extract important data, such as key dates, party and company names and addresses (see image below).
- Old PDF contracts become digital documents inside of the Juro platform.
- These contracts can then be managed in an end-to-end solution that includes internal and external negotiation, approvals, conditional logic and renewal reminders.
Juro is one of several companies developing tools that will rapidly extract key data points from contracts, which can then help a company to better understand its financial commitments, legal obligations and generally who it has active contracts with.
For example, in the US we recently saw the launch of Lexion, that seeks to also tap an AI approach to rapidly extracting key contract data. And of course, there are the myriad of AI doc review companies in the market, although they tend to be focused more on event-driven projects, as opposed to ongoing contractual analysis.
The UK-based company started out by building a contracting platform that allows companies to jump onto it, negotiate within a digital document space, and then complete the contract quickly and easily.
Richard Mabey, CEO and co-founder, said: ‘As our in-house legal clients become more data-driven, we’re delighted to support them with AI data extraction capabilities. This is an important milestone in the development of the contract collaboration platform we have been building for the last three-plus years.’
The company added that the automated nature of the application meant less time spent on manual processes and tagging of data, and less friction in the creation, negotiation and management of legal documents.
Juro’s expanding customer base now includes Skyscanner, Deliveroo, Reach plc, uSwitch and Babylon Health, among others.
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