At Weagree, our passion starts burning when a customer reaches out with a challenge we can solve, with some development work, in a way that makes a big impact on them, like freeing up a day or two every week. It’s moments like these that fuel our drive to keep innovating
97% time-saving in the making
Multiple times a week, our customer receives a first-draft agreement of usually between 60 and 150 pages. Such first-draft must often be reviewed within a few days and be summarised for management approval. This is the kind of use case that puts Weagree’s AI features to work at their best.
Our passion starts burning when we can deploy 19 years of expertise with only a few extra days of development time to go. All we need to develop in this case, is a feature enabling Weagree users to generate a summary Word-document out of Weagree’s AI-contract-review findings or AI-clause summaries.
Needless to say, for us, generating a Word-document is a piece of cake. Also, the AI-contract review is nothing new for us. And the same applies to AI-summarising a contract or contract clause. Easy peasy Weagree.
97% time-saving implemented in a few days
Not yet possible – but easy to develop and very impactful for our customer – is a feature that picks up the contractual parameters related to one contract and reuse those parameters to generate another type of document. A few examples:
- Sales contract >> Deal approval form. AI-retrieved summaries of clauses in a tender document to generate a deal summary (plus a contract approval form with the right approvers).
- Term sheet >> LMA. Contract parameters extracted from a term sheet to generate an (LMA) senior facilities agreement.
- Letter of Intent >> SPA + SHA. Analyse and extract the data from an LOI to create a full-fledged share purchasing agreement alongside a shareholders’ agreement.
- Construction agreement >> Amendment. Select CLM-parameters from a construction agreement to amend by means of an Amendment agreement.
The impact: 97% time-saving (?!)
See here the ingredients for a spectacular solution in the making:
- For many years, a user can upload a first-draft agreement prepared by the counterparty, and then handle the negotiations from within Weagree. After all, Weagree contains a full-fledged DMS (document management system) or matter management, if you wish.
- Weagree CLM (for post-signing management of contracts) is capable of managing countless contract parameters.
- Gen AI is capable of reviewing a contract of 60 to 150 pages in less than 30 seconds. Weagree fully automatically converts such contract in a neat under-water-screen (like the one that guides Weagree users through a contract creation questionnaire).
- Weagree highlights the relevant AI-extracted data and AI-summarised clauses in the WYSIWYG contract viewer – easy to navigate all contract properties (and validate the AI findings).
A timesaving of 97% may be optimistic (driven by yesterday’s call that lighted our passion), but we think we are too pessimistic if we estimated our customer’s time-saving at less than 60%.
Imagine yourself reviewing 60 to 150 pages and summarising it in one A4 manually, vs. uploading it in Weagree and clicking through the AI-extracted data, the AI-findings and AI-summaries and one-click converting it into a filled-out deal-approval form. It takes a day. Imagine doing that weekly.
Are you still there? Does your empathetic passion start to burn as well?! Weagree’s AI capabilities are so deeply rooted in 19 years of expertise that every AI feature a customer may want, may take us only a few days to develop.
