Contract management is a crucial part of any business, ensuring that agreements are well-documented, tracked, and adhered to. However, managing contracts manually can be time-consuming and prone to errors. This is where AI contract management tools come in.

AI tools can improve the contract management process by automating routine tasks, enhancing accuracy, and providing valuable insights. They help businesses save time, reduce risks, and ensure compliance with legal requirements.

7 Best AI Tools for Contract Management

In this article, we will explore the 7 best AI tools for contract management. We’ll look at their features, benefits, and how they can transform your contract management practices. Let’s dive in and find the perfect tool to elevate your contract management!

In this article, we will explore the 7 best AI tools for contract management. These tools can help businesses streamline their contract processes and improve decision-making. Let’s take a closer look at how these AI tools can make a positive impact on contract management.

What is AI for Contract Management?

AI for contract management is when companies use artificial intelligence (AI) technology to help them handle contracts more effectively. Contracts are legal agreements that businesses use for many purposes, such as hiring employees, working with suppliers, or making sales. AI can help manage contracts throughout their entire lifecycle, from creating them to making sure they are followed correctly.

Here are some ways AI is used in contract management:

1. Drafting: AI can provide templates and suggest standard clauses for new contracts.

2. Review: AI quickly checks contracts for important terms and potential risks.

3. Risk Assessment: AI identifies legal, financial, and operational risks in contracts.

4. Search and Retrieval: AI makes it easy to find specific contracts or clauses.

5. Compliance: AI tracks key contract dates and sends alerts for important events.

6. Insights: AI provides analytics on contract data to identify trends.

7. Automation: AI handles routine tasks like data entry and reporting.

Why Use AI for Contract Management?

Using AI for contract management offers numerous benefits that can significantly improve your business operations. Here are the key advantages of implementing AI in contract management:

• Increased Efficiency and Accuracy: AI tools automate repetitive tasks, reducing the chances of human error and speeding up the contract management process. This leads to more efficient operations and higher accuracy in contract handling.
• Automated Contract Creation and Analysis: AI can automatically generate contracts based on predefined templates and analyze large volumes of contract data. This saves time and ensures that all necessary clauses and conditions are included, making the contract creation process seamless and thorough.
• Improved Compliance and Risk Management: AI tools help ensure that contracts comply with relevant laws and regulations. They can identify potential risks and suggest modifications to mitigate them, enhancing overall compliance and reducing legal risks.
• Enhanced Decision-Making: AI provides valuable insights by analyzing contract performance and identifying trends. This data-driven approach helps businesses make informed decisions, optimize contract terms, and improve negotiation strategies.

By utilize AI in contract management, businesses can streamline their processes, reduce risks, and make smarter decisions.

Top 7 AI Tools for Contract Management

Here are the 7 best AI tools for Contract Management to be used in 2024 for contract drafting:

Docusign CLM

DocuSign is one of the best contract management tools powered by AI. It is easy for non-technical users. It is ideal for small businesses to maintain end-to-end contract-heavy workflows with ease. It is browser-based and can be downloaded and used on Android and iOS.

Features:

• DocuSign will import the customer data directly from Salesforce into the contract.
• It is easy to set up the complicated approval process for a contract to route the contract to the stakeholders based on the given conditions.
• The legal team can easily pre-approve clauses to boost the contract creation process.
• There are 100+ pre-configured workflow steps available to create an integrated workflow.

Pros:

• The digital signature functionality to be used in the contract is robust.
• Security and data encryption protocols used in the tool are robust.

Cons:

• Changing the signers once the contract is sent out takes work.
• The user interface is modern and needs to be updated.

Pricing:

• Personal – £8 /month.
• Standard – £20 /month.
• Business pro – £33 /month.
• Enhanced plans- should contact the support.

For current pricing, please visit the official website: https://www.docusign.com/

Icertis

Icertis is the AI-based contract management tool that will convert contracts into strategic assets and give you valuable insights. It ensures that the contract prepared is compliant and is best for enhancing decision-making.

Features:

• With AI usage, the tool helps you create contracts in no time.
• Supercharged contract negotiations will be done quickly with the help of AI.
• It becomes easy to get risk insights and alerts.
• Structure the contract data to offer you deeper analysis and actionable insights.

Pros:

• Easy to integrate with popular tools developed by top enterprise companies.
• Built-in e-signature capabilities let you build integrated workflows with ease.

Cons:

• The response time from the customer support team is late.
• The learning curve is steep, and users must learn advanced features to use the tool optimally.

Pricing

• Not available

For current pricing, please visit the official website: https://www.icertis.com/

Contract Works

Contract Works is the best AI contract management software with AI-powered features to make the contract preparation and management process efficient. It also reduces the time spent on doing manual and repetitive tasks.

Features:

• GPT-3 is integrated to create contract clauses and will simplify legalese.
• Quickly get the automated reports and notifications to the email.
• Built-in e-signing without the need to integrate the tool with third parties.
• Easy to prepare redline contracts with this tool handy or use Microsoft Word for two-way integration.

Pros:

• Plans allow unlimited users to use the legal contract AI tool and are also cost-effective.
• The learning curve is simple for users to learn this tool, and you can quickly search for the contract you want and retrieve it in no time.

Cons:

• Contract works is expensive compared to the other AI-powered contract management tools with limited workflows and automation.
• Tool won’t support integration with the ERP or CRM tools.

Pricing:

• Standard – $700 per month.
• Professional – $900 per month.
• Premium – $2000 per month.

For current pricing, please visit the official website: https://www.contractworks.com/

Outlaw

Outlaw is a robust AI contract generator platform that will simplify the contract creation process through collaboration. It is designed for in-house legal teams to automate the contract creation process.

Features:

• You can generate batch contracts and automate workflows using a solid set of templates.
• Deal room enables you to collaborate while working on contracts and share documents with stakeholders.
• Offer unlimited cloud storage, contracts, and e-signatures with native e-signature capabilities.
• A full-text search option is available to search for the contract you want in an instant.

Pros:

• With outlaw, it is easy to create unlimited contracts and store them with ease.
• The setup process is also simple and allows real-time negotiation and editing.

Cons

• Third-party integration with this tool is limited.
• You must make additional payments to access some of the key features.

Pricing

• Get in touch with sales team for a custom quotation.

For current pricing, please visit the official website: https://getoutlaw.com/

Ironclad

Ironclad is a digital contracting platform that will use AI to automate contract workflows with ease. It is one of the best AI tools for contract management free accelerates the contract lifecycle and keeps errors at bay.

Features:

• All the contracts will be analyzed instantly using 200 automatically detected properties.
• Enforce different contract workflows to boost compliance and make the contract work faster.
• The Contract AI tool is easy to create custom workflows using the drag-and-drop editor.
• Negotiation guidelines are in place to add them to the contract workflows.

Pros:

• The AI contract analysis tool will help review the contracts and flag unfavorable clauses for the business in the contract.
• The workflow design is simple and helps non tech contract managers to create processes that work best for them.

Cons:

• The setup process of the tool is lengthy, and you might need implementation support, for which you have to pay extra.
• Ironclad would help to have separate integrations for e-signature tools, editing, and redlining.

Pricing:

• No pricing information is available. There are custom packages for business. Contact sales team directly.

For current pricing, please visit the official website: https://ironcladapp.com/

LinkSquares

LinkSquare is the best yet free AI contract generator tool with many AI-driven features. It allows you to create contracts, enables e-signatures, and uses AI to get data and insights from contracts.

Features:

• Get the notification when a contract is delivered, signed, or ready for review.
• The e-signing ability in the tool makes it more effortless to integrate with third-party tools such as Adobe Sign.
• AI-powered contracts will analyze the contract, generate reports, and prepare a dashboard.
• Uses a tagging system instead of folders to identify the folder quickly.

Pros:

• Built-in e-signature tool to sign the contract with ease
• Embrace a modular approach to let users pick and use the desired features.

Cons:

• The search functionality in this tool has significant issues
• Sending the contract after its creation has become a challenging thing for users.

Pricing:

• Not available to the public.

For current pricing, please visit the official website– https://linksquares.com/

SpotDraft

SpotDraft is the AI tool for contract lifecycle management. It is designed to be used by businesses of all sizes to automate their repetitive contract-related tasks. It helps you quickly manage digital agreements from their creation to renewal. It uses natural language processing to handle a massive volume of standard contracts.

Features:

• Easy to create and distribute contracts with the pre-built and easy-to-customize templates.
• Custom yet automated workflows are created to match with the existing contract process.
• Easy to capture signatures and keep the contracts safe and secure with advanced data encryption.
• Dig deeper into the data using customizable contract reports and get data-driven insights for optimizing the business processes.

Pros:

• Users can access the support team around the clock without an additional fee.
• Quick to implement and has a user-friendly interface to manage contracts.

Cons:

• Unsuitable for users looking for a static tool with basic functionality.
• The implementation process takes a few weeks to import and organize the contracts in the tool.

Pricing:

• Get custom pricing for your requirements.

For current pricing, please visit the official website– https://www.spotdraft.com/

How to Implement AI Contract Management Tools in Your Business

Implementing AI contract management tools in your business can greatly enhance efficiency and accuracy. Here are the steps to get started:

• Assess Your Business Needs: Begin by evaluating your current contract management processes. Identify pain points and areas where AI can provide the most value. Understanding your specific needs will help you choose the right tool.
• Choose the Right Tool Based on Your Criteria: Look for AI contract management tools that meet your requirements. Consider factors such as ease of use, integration capabilities, features, and pricing. Make sure the tool aligns with your business goals.
• Train Your Team: Proper training is essential for successful implementation. Ensure your team understands how to use the new tool effectively. Provide training sessions and resources to help them get comfortable with the system.
• Integrate with Existing Systems: For seamless operation, integrate the AI tool with your existing systems. This might include your CRM, ERP, or other software. Smooth integration ensures that data flows effortlessly between systems.
• Monitor and Optimize Performance: After implementation, continuously monitor the tool’s performance. Gather feedback from users and make necessary adjustments. Optimizing the tool based on real-world usage will help you get the most out of your investment.

By following these steps, you can effectively implement AI contract management tools in your business, leading to improved processes and better results.

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Conclusion

In conclusion, AI tools for contract management are changing how businesses handle legal agreements. With the help of AI-powered tools, companies can draft, review, and manage contracts faster and more accurately. This technology helps legal teams save time, lower risks, and stay compliant.

The 7 best AI tools for contract management offer features that improve contract processes, like automating tasks and providing helpful insights. By using these tools, businesses can optimize their contract strategies and make smarter decisions.

Best AI Tools for Contract Management – FAQs

What are the best AI tools for contract management in 2024?

The best AI tools for contract management in 2024 include DocuSign CLM, Icertis, Agiloft, Conga, ContractPodAi, Exari, and Parley Pro. These tools offer features like automated contract creation, AI-powered analytics, and seamless integration to improve contract management processes.

How do AI tools improve contract management?

AI tools improve contract management by automating repetitive tasks, ensuring compliance, analyzing large volumes of contract data, and providing valuable insights. This leads to increased efficiency, reduced risks, and better decision-making.

What features should I look for in AI contract management tools?

When choosing AI contract management tools, look for features such as ease of use, integration capabilities, automated contract creation, AI-driven analytics, compliance management, and robust security measures. These features ensure efficient and secure contract management.

Are AI contract management tools secure?

Yes, reputable AI contract management tools are designed with strong security measures to protect sensitive contract data. They often include encryption, access controls, and compliance with industry standards to ensure data security and privacy.

How much do AI contract management tools cost?

The cost of AI contract management tools varies depending on the features and scale of the solution. Some tools offer tiered pricing models based on the number of users or contracts managed. It’s important to evaluate your needs and compare pricing to find the best fit for your business.