AI-powered contract data extraction helps identify key clauses from your contracts, speeding up contract processing times.
Choose up to 20 AI fields per contract type from an extensive library of pre-trained fields to extract relevant data for your contracts, or use the 10 default AI fields out of the box. You’ll be able to quickly find specific clauses in your contracts with just a single click, reducing the time spent searching the document manually.
Our AI technology can be used to extract data either upon import, as work progresses or when contracts are executed, covering every step of the contract's lifecycle. This helps legal teams capture key data from active or executed contracts, saving time to review contracts and speeding up contract processing times.
We’ve partnered with Zuva, an industry leader in contract analysis, to ensure accuracy and reliability.
In this article:
How to extract key contract data in LawVu
Your LawVu Administrator must set up contract data extraction before data can be extracted. Check this article to see how.
If you haven't accepted our AI terms and conditions yet, you can do so by going to Settings / Contract management / Contract AI data extraction
There are two ways to extract key contract data in LawVu.
You can either initiate on demand the AI extraction process, or you can opt to wait until the contract moves to the 'Executed' stage, which will automatically trigger AI extraction.
Initiate the AI contract extraction process
To start, you'll need this permission enabled in your profile:
1. From the Overview tab, click on the 'Run extraction' button.
2. An alert will inform you that the extraction is in progress. You'll receive another notification when it is completed. (Contract Admins will also be notified).
3. Click on the 'Ready for Review' button to bring up the data review modal.
This modal displays the LawVu fields panel on the left, the contract document in the center, and the AI-extracted data on the right-hand side, so you have a comprehensive view of all the information in one place.
The Extracted data panel displays the fields your Administrator has chosen to extract for this specific contract type.
The location of the extracted data is highlighted within the document. Clicking this within the document will highlight the relevant field in the Extracted data panel.
This works both ways, so clicking on a particular field in the Extracted data panel will also highlight the area in the contract where it appears. This saves time by allowing easy access to extracted information in the document without endless scrolling.
4. Use the 'Copy to Clipboard' option to copy the information from the Extracted data panel to the LawVu fields.
5. Once you are happy with the review, you can toggle the ‘Review complete’ button.
When a contract is marked as complete, the status in the grid will change to reflect that.
Note that when a new contract version is uploaded, the previously extracted data is reset, allowing you to initiate extraction once more.
Automatically extract data when a contract is moved to Executed
Your Administrator can configure the AI extraction process to run automatically when a contract is moved to Executed stage.
To learn how to move a contract to Executed, please check this article.
The process is similar to the one above, the key distinction being that the extraction is automatically triggered without any user input.
Once a contract is executed, extraction is automatically triggered.
Add the 'Data Review' attribute to your 'All Contracts' grid.
3. Filter the 'Data Review' column on 'Ready for Review' to see which contracts need your attention. For easy access, save this view under your saved views.
Key Benefits
Efficiency - AI extracts and highlights data from your contracts on demand or when a contract reaches the Executed stage in LawVu, saving you from manually scrolling to find key contract data.
Improves accuracy - AI identifies and extracts common legal clauses, provisions, and data points from a variety of document types, with accuracy and speed.
Reduces risk - Critical contract data can be captured in your AI-powered workspace, so you no longer miss deadlines or obligations.
Best Practices
Keep track of all AI extractions performed in your organization
Administrators can keep track of all the AI extractions that are performed by users in their organization if they have these notifications switched on within their notification settings. When an extraction is completed, a notification will be sent to them by email, app, or both.
Speed up your contract review process
You can conveniently monitor the contracts you need to review by saving them in a saved view that you can pin as one of your Hub's widgets. Upon logging into LawVu, you'll find the saved view on your Home screen, eliminating the need to navigate to another page.
Access all the contracts from there to swiftly start reviewing them. To see a demonstration, refer to this animation:
For a breakdown of the steps:
a. Create your saved view for the contracts you need to review by filtering on 'Ready for review' in the Data Review column.
b. Add the newly created saved view to your Hub.
c. Easily access your contracts that need a review from your Hub.
AI security and privacy
At LawVu, we recognize the sensitivity of the data we handle for our clients, requiring top-notch information security and privacy safeguards. Our comprehensive compliance program adheres to global standards such as ISO27001, SOC1, SOC2, HIPAA, and GDPR.
See our AI security and privacy factsheet for more information.