Organizations spend a great deal of time and money extracting information from contracts and other legal documents. Using a powerful combination of natural language processing and machine learning techniques , ComplyScore’s Contract Discovery solution will not only extract salient and critical contract terms and conditions but also infer information based on learning. This leads to reduced errors, compressed timelines and a great deal of savings.
Information such as start and end dates,payment terms, liability and other obligations can be extracted from the documents. In addition information such as when a liability becomes effective, which party is liable, who is the guarantor can be inferred. This insight will helps meet regulatory requirements, reduce risk, creation of obligations database and enables streamlining of the overall decision making process.
FEATURES & BENEFITS
Maintain links to the original documentsComplyScore can import information from various formats like PDF, Word documents, Excel workbooks as well as Images into its native format while maintaining links to the original documents.
Rapid processingComplyScore is designed to extract and present key contractual information like special language, terms, clauses, clause combinations, and named entities. Once extracted the information is placed in the internal database for rapid processing.
Speedy ImplementationBased on the domain ComplyScore extracts over 25-50 key contractual terms right out of the box. This enables speedy implementation and gets you up and running within a short period of time.
Intelligent & Improved solutionAs extracted data is corrected, the solution learns and becomes more intelligent and improves the fidelity of data extracted and inferences made.
Sometimes you need a firm that can do the work for you. ComplyScore not only provides the solution, but also provides services to extract contract data and make inferences, and report the results back to you
HOW COMPLYSCORE CONTRACT DISCOVERY WORKS?
ComplyScore combines the power of natural language processing and machine learning along with an intuitive and friendly user interface to provide an unparalleled solution for contract term extraction and analysis.
Extracted terms are viewed through an online interface, which allows further editing and integrated learning. This ensures that system keeps learning and improves performance.
For the initial phase of your first project our ComplyScore team will review the documents to be analyzed and the terms to be extracted (baseline), discuss strategies, setup the initial terms to be extracted from baselined set of documents, analyze the terms to be extracted, and verify the output.Once the system is primed, production begins. During this phase we train client’s users to undertake ensuing discovery projects.
Production and ongoing extraction
During this phase documents will be imported, store in the system with associated metadata, key data will be extracted and uploaded, corrections will be made and reports will be produced. ComplyScore analysts will always be available for support should certain terms realize low level of accuracy in extraction.
At the end of the initial project client’s team members will be sufficiently trained to setup the system, run the discovery process, and arrive at actions to be taken and recommendations to reduce overall risk.