Platform is company’s third product in its AI-powered document review suite
Luminance Technologies Ltd. is launching a new AI-powered platform to automate tasks for streamlining the contract lifecycle process, including contract mark-up, drafting, version control and contract renewal.
The platform, Luminance Corporate, is the software company’s third product in its AI-powered document review suite. It aims to allow in-house lawyers to make use of machine learning to analyze contracts from within Microsoft Word during the regular workflow of the review process, so that they can retain oversight over version control and gain immediate insights regarding their previously drafted and executed contracts.
In-house teams are currently dealing with more contracts stored in multiple repositories and greater pressure to abide by applicable regulations, said the news release. The platform seeks to save time and resources and to make the negotiation process smoother by helping in-house counsel proactively search contracts under negotiation to identify the changes that counterparties have introduced during the negotiation process, including alterations made without track changes switched on in Microsoft Word. Red and green lines will show the extent of the deviation of the drafting from the original position.
The platform, which highlights features like clauses, parties and governing law, aims to enable in-house lawyers to identify key information, precedents when negotiating on specific clauses and areas wherein their organization has previously signed off conceptually similar clauses.
“With a growing number of in-house legal teams already using Luminance, creating a tool that uses our next-generation technology to transform the creation and management of contracts was the natural next step,” said Luminance’s chief executive officer, Eleanor Weaver, in the news release.
“Contract analysis is a fundamental process with business critical implications, however it has historically been time- and resource-intensive,” said Don Riddick, chief legal Officer at featurespace.
“By allowing in-house legal teams to rapidly understand all aspects of their contracts, Luminance helps to reduce time, resource and money, pushing legal teams to think and work differently and to help to shape the business for the future,” said Tim Shirley, senior legal counsel at Ferrero.
“Tools like Luminance that enable lawyers to quickly and easily see which areas of a contract need to be negotiated can speed up the time to contract – and faster contracting means faster revenue generation,” said Rosemary Martin, group general counsel and company secretary at Vodafone Group Plc.