INNOVATIVE AS ALWAYS.
OUR OWN PATENTED ARTIFICIAL INTELLIGENCE CONTRACT MANAGEMENT MODULE, EXXTRACTOR-AI ENHANCES CONTRAXX™
Exxtractor-AI is Ecteon’s patented, natural language-intelligence software module which analyzes contract documents to assist attorneys, paralegals, contract managers, data entry staff, and other key contract users to more quickly create and control the drafting and negotiating processes.
What Can Ecteon’s AI Contract Management Module, Exxtractor-AI Do:
- Assist with review of 3rd party paper for negotiation and data input
- Identify provisions of, and facilitate completion against a contract drafting checklist to assist the attorney in contract creation and review and analysis
- Perform triage/assess a large collection of known/unknown agreements to categorize and help to prioritize legal review
- Classify risk of provision alternatives in a Provision Library
- Accomplish numerous other business use cases appropriate to a given vertical industry
How Does Ecteon’s AI Contract Management Module, Exxtractor-AI Work?
Exxtractor-AI is a new artificial intelligence technology module from Ecteon, based on an Ecteon patent. The Exxtractor-AI software is primarily designed to work and integrate with Ecteon’s Contraxx Contract Management software. Exxtractor-AI works by first learning about your agreements (this is often called “machine learning”) by using patented algorithms to review and become proficient in identifying contract language that can be categorized in a digitized Provision Library (PL) (or Clause Library). Exxtractor-AI is specifically designed to be highly efficient at learning provisions, making it effective much more quickly and at much lower cost than competitors. This Provision Library forms the basis of a dynamic database of contract elements broken down by clause which can then be used for contract creation and risk management.
Our Patented Artificial Intelligence Module to Enhance Contraxx
LIBRARY-AI CAN ASSIST TO BUILD/GROW THE PROVISION LIBRARY
The legal team my decide to adopt the additional language alternatives and add it to the library of pre-vetted provisions, classified by the legal team as Preferred, Acceptable, Discouraged, or Unacceptable (“PADU”). This can be done directly from the contract itself, without the need to manually create the new provision in the library.
MIGRATE-AI CAN IDENTIFY TARGET DATA AND POPULATE A CONTRAXX RECORD
Extract metadata from any contract document: Using provisions in the provision library, Migrate-AI can identify specific values (e.g. Effective Date, State of Governing Law) in legacy agreements and in third party contracts, and populate those fields in the Contraxx record.
Import historical contract documents: Exxtractor-AI can also run in batch mode, which enables it to import multiple historical documents at once. Using metadata extraction and provision identification, Migrate-AI reads in document files, parses the data, and creates clean, reportable Contraxx™ records.
NEGOTIATE-AI CAN ASSESS ALTERNATIVE LANGUAGE DURING CONTRACT NEGOTIATIONS
Minimize risk by using pre-vetted language: Exxtractor-AI™ will identify provisions and present the user with the standard, approved language for each provision. The contract creator may also have the ability to select alternative versions that have been pre-vetted and classified by the legal team as Preferred, Acceptable, Discouraged, or Unacceptable (“PADU”). Alternative versions can also be designed to require approval for usage in any contract.
Auto-suggest similar language: When a contract document is loaded into Contraxx, Exxtractor-AI will match each provision to known provisions in the provision library and determine its degree of similarity to the existing language. Exxtractor-AI then presents the similar existing language to the user, enabling standards to be more easily achieved across contracts.
Streamline approval of non-standard language: If undesirable or non-standard language persists, Exxtractor-AI can seamlessly enable escalated approvals according to a pre-defined ruleset.
Reduce negotiation and approval time: By suggesting pre-approved provision language, Exxtractor-AI allows the negotiator to select approved language, thus bypassing the typically lengthy approval process. This in turn frees up the approvers to focus on mitigating risk elsewhere
COMPLIANCE-AI CAN AUTOMATE COMPLIANCE CHECKS
Support due diligence processes: Compliance-AI can determine the presence of key provisions and automatically populate a compliance checklist for due diligence purposes. This allows the contract administrator and legal team to see right away whether or not certain key provisions exist in the draft; it also provides provision-level visibility across all contracts in reporting and analytics.
Easily prepare for compliance audits: With all contract provisions in reportable format, preparation and support for compliance audits is as straightforward as running reports.
Analyze contracts at the provision level: All contract provisions, whether on company paper or third-party paper, will be accessible for reporting and analysis to gain insight into provision usage across the organization. Examples:
- See how many times a provision was used in a given time period
- Find out how many times a non-standard version of a provision was used
- Discover who is negotiating contracts with non-standard language
Don't Just Take Our Word for it
Ecteon’s product was the right price and had the technical depth to satisfy the level of complexity and customization we absolutely required.
- Jessica John, Contracts and Benefits Administration manager for Kaiser Permanente’s Health Plan Operations