No lawyer? This online tool uses AI to review your contracts
Source: Katherine Noyes
Business documents written in foreign languages are no longer the problem they once were thanks to technologies like Google Translate, but what about contracts written in legalese? That's where LawGeex hopes to help with an AI-based online tool.
LawGeex offers what it calls the world's first contract review platform based on artificial intelligence. The goal, it says, is to help businesses and individuals "get a fair deal" before signing an agreement.
Toward that end, it combines machine-learning algorithms with crowdsourced data, text analytics, and the knowledge of expert lawyers to make in-depth contract reviews accessible to everyone. Results are provided in "plain English," including an explanation of any unusual, problematic, or missing clauses.
Users begin by uploading a contract; LawGeex currently reviews more than 20 different kinds, including employment agreements.
Next, LawGeex uses its array of technologies to compare the contract against a database of thousands of similar ones. It flags anything that needs extra attention and also provides statistics and benchmarks.
Explained in simple terms, its final analysis -- delivered within 24 hours, or on the next business day -- aims to ensure that users know exactly what they’re agreeing to. Included in that report are a summary, a contract score, and information such as clause explanations, negotiating tips, and sample language for missing clauses.
“The driving force behind LawGeex is the belief that no one should sign a contract that they don’t fully understand," said Noory Bechor, the company's cofounder and CEO, a commercial lawyer himself.
LawGeex's machine-learning platform has already reviewed tens of thousands of documents, including employment contracts from companies such as Apple, Google, and Facebook. Seventy-one percent of the contracts analyzed so far have had at least one unusual or missing clause, the company says, potentially exposing people who sign them to risk.
Founded in 2014, Israel-based LawGeex on Tuesday announced US $2.5 million in venture funding. It also opened up its contract-review tool for free use by consumers. Business pricing starts at $49.99 for a single business contract review; monthly plans are also available with varying levels of support. Current users include Deloitte and Brandwatch, the company says.
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