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Lexical Labs automatically risk scores your contracts
- Published April 21, 2022 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
‘Risk comes from not knowing what you are doing’ – Warren Buffett
Tiro, from Lexical Labs, is the most advanced AI based automated contract review system available. Tiro reviews contracts – using both deep learning and logic based algorithms – just like a lawyer or specialist contract reviewer would.
Recently, Tiro has successfully deployed a contract scoring system for manufacturers of high value equipment.
These manufacturers had hundreds or thousands of high value and high risk contracts every year, which were previously reviewed manually. Challenges they faced in their contract review process included:
- Slow and labour-intensive contract reviews, meaning new sales were subject to delays
- Limited visibility by central Legal and Risk teams on contract risks during negotiation
- Difficulties in tracking the overall liability of portfolios of signed contracts.
Tiro now automatically scores each contract across more than 20 issues, assigns an overall risk rating (see screenshot below), and creates a risk report.
Contracts can be reviewed in minutes (rather than hours or days), and the Business Unit, Legal and Risk Teams all have full visibility over contract risks and key clauses.
In addition to the the savings in time and cost spent on reviewing contracts, the benefits include:
- Accelerated new sales and revenue from faster contract negotiations
- Reduced risk, with relevant legal and risk managers automatically alerted to problematic clauses
- Improved risk management, with each contract and risk report is stored digitally and accessible after signature
- Demonstrating the value of the contract negotiation process, by tracking changes to the legal risk positions throughout the deal
If you are interested in becoming a shareholder in Lexical Labs, please check out our investor deck and deal room here
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