What’s New: AI Contract Extract

Leveraging generative AI to automatically analyze and process contracts, extracting key data elements, clauses, and expand tagging capabilities, reduces manual efforts, and improves contract insights

New Built-In AI Tags

See the table below for the predefined tags that can be used for AI Contract Extract. 

Name	Term Definition
Assignment	The rights and restrictions regarding transferring contract rights or obligations.
Confidentiality	Terms concerning the protection of confidential information.
Consequences of Termination	Actions and outcomes following contract termination.
Dispute Resolution	Procedures for resolving disagreements between contract parties.
Force Majeure	Provisions addressing unforeseen events beyond the control of the parties.
Indemnity	Circumstances under which parties are protected from harm, loss, or damage.
Limitations of Liability	Clauses restricting the extent of liability for contract parties.
Termination	Procedures and reasons for ending the contract.
Annual Contract Value	The yearly monetary value of the contract.
Total Contract Value	The overall monetary value of the contract, including all payments.
Effective Date	The date on which the contract begins.
Executed Date	The effective date on which the contract begins, including the signing date or any specified commencement date
End Date (Built-In)	The specific date on which the contract expires.
Parties (Built-In)	The entities involved in the contract.
Payment Term	The date on which the contract begins.
Term	The duration of the contract.
Renewal Notice Period	The time required to notify of contract termination before auto-renewal.
Governing Law	The jurisdiction whose laws govern the contract.
Contract Name	The title of the contract.
NDA Type	Whether the contract is a non-disclosure agreement.
Renewal Type	The method by which the contract can be renewed.
Summarize Agreement	A brief overview of the contract's purpose and key terms.
Summarize Obligations	A list of each party's primary legal obligations.
Exclusions From Liability	Clauses excluding liability for certain types of losses.
Termination For Convenience	Whether the contract allows termination without specific cause.

 

Previous AI Tags

Once your account has the new AI Contract Extract enabled, our previous Auto-tagging will be disabled for several of the predefined tags (see the the table below) that were orignally available in ContractWorks and will no longer run against uploaded files going forward. Where noted, some tags have been replaced with newer versions. 

Previous Tag Name	New Equivalent	Term Definition
Start Date	Effective Date	The specific date on which the contract begins.
Initial Term	Term	The duration of the contract's initial period.
Renewal Term	N/A	The length of time the contract extends after the initial term (if applicable).
End Date	End Date (Built-In)	The specific date on which the contract expires.
Agreement Type	N/A	The category of the contract between parties.
Parties	Parties (Built-In)	The entities involved in the contract.
Termination Notice Window	N/A	The period for providing notice to end the contract.

 

Reviewing Files with AI Contract Extract

The following enhancements are available for the Tagging menu in uploaded files. It is always recommended that users review and validate auto-tagged information for accuracy. 

For quick reference, fields for AI-enabled tags (i.e., predefined and custom) are now labeled with an AI icon.

The pop-up that appears when hovering over the field name of an AI-enabled tag now gives users more context and information about why the details were pulled/highlighted based on the tag’s AI prompt. 

• References: Shows the exact location from which the information was extracted. You can also click on View in Document to go directly to that section of the file.
• Prompt: Displays the AI prompt of the predefined or custom tag for reference.

Users can now control whether all the auto-tagged information is highlighted in the file by using the new Enable Highlights toggle in the top-right corner of the document viewer. By default, the toggle is off.

Enabling AI Contract Extract for Custom Tags

When creating or modifying a custom tag, admins can now turn on the new AI Enabled toggle to enter an AI prompt and use the custom tag in the auto-tagging of uploaded documents. 

Step 1: Go to Tags & Templates > Tags and click the New Tag button or click on a tag name from the list to enable editing. Click the AI Enabled toggle. You can also find this in Templates > Create New or Edit Template > Create Tag

Step 2: Enter the query in the AI Prompt field based on what you want the auto-tagging to do.

Step 3: Select the Extract value directly from document box if you want the exact text to be pulled from the contract into the tag based on your AI prompt. 

Step 4: Enter/select additional information for the custom tag where applicable (e.g., Description, Create dropdown menu, etc.) and then click Save. 

 

TIPS & OTHER CONSIDERATIONS

• We recommend creating a test folder with auto-tagging enabled to upload files and test any AI-enabled custom tags to ensure the prompts and tags are being applied as intended. 
• If you enable AI for an existing custom tag, only new uploaded files will be considered for auto-tagging moving forward. Existing files with the tag will not be updated/impacted.

Disabling AI Contract Extract for Predefined Tags

Predefined AI tags provided by ContractWorks can be disabled if they do not apply to your contract needs. Follow the steps below to disable them from automatically running against uploaded files. 

 

Step 1. Go to Tags & Templates > Tags to find and open the predefined tag. You can enter the tag name in the search field. Click on the tag to open it for editing.

Step 2. Click on the green AI Enabled green toggle one time and then click Save. 

IMPORTANT: Disabling this setting means that the AI prompt for the predefined tag will no longer run against uploaded files. If it is turned on later, it will run against uploaded files moving forward; existing documents will not be retroactively auto-tagged. 

Tags Library

Under Tags & Template > Tags, there are three additional columns to help administrators quickly identify AI-enabled tags.

• AI Enabled: Checkmark indicates that the tag and its prompt are currently being used to auto-tag documents that are uploaded. 

• Prompt Type: Predefined refers to our built-in AI auto tags, and Custom refers to tags that have been created by administrators from your organization. 

• AI Prompt: Displays a preview of the prompt currently being used for auto-tagging. 

TIP: Click on the AI Enabled column to re-sort the list and see only applicable tags first. 

Tags Templates

Predefined and custom AI tags can be added to new and existing tag templates so that they appear on the tagging menu of individual uploaded files. This can be done by going to the Add Tag dropdown on the right side of the template form or by creating a new tag. As with standard custom tags, the AI-enabled tags can also be marked as required or optional on the form depending on contract needs.