Introduction

Running a small to medium-sized business is no small feat. Between managing employees, handling customers and keeping an eye on the bottom line, there's always something demanding your attention. Contracts are a crucial part of business operations, but let's face it, reviewing them can be tedious and time-consuming.

Enter AI contract review tools, a game-changer for modern businesses. You’re probably wondering: how could an AI contract review tool help my business?

Well keep reading, and you’ll discover how AI contract review can save you both time and money.

1. Speed up the contract review process

One of the most significant advantages of using an AI contract review tool is the time it saves. Traditional contract review involves meticulously reading through pages of complicated legal language, which can be incredibly time-consuming. The average contract review takes a human more than 1 hour and 30 minutes. Not exactly fun, right?

AI contract review tools can scan and analyze contracts in minutes, identifying key terms, potential risks, and discrepancies.

This rapid analysis allows your team to focus on more strategic tasks, rather than getting bogged down in the details. Imagine being able to reduce the time spent on contract review by 50% or more. With AI, this isn’t just possible – it’s a reality.

2. Reduce human errors

No matter how diligent you are, human error is always a possibility when reviewing contracts. Misreading a clause, overlooking a critical term or simply making a typo can lead to significant consequences. Mistakes in contracts can result in legal disputes, financial losses, and damaged business relationships.

This is where an AI contract review tool shines. It consistently applies rules and checks across all documents, ensuring accuracy and reducing the risk of human error. AI doesn't get tired or distracted or harp on about employment rights, and it can work around the clock.

By investing in an AI contract review tool, you can mitigate risks and ensure that your contracts are watertight. Sweet.

3. Handle high volumes of contracts efficiently

As your business grows, so does the volume of contracts you need to manage. Whether it’s more sales agreements or confidentiality agreements, keeping up with a high volume of contracts can be overwhelming.

AI contract review tools are designed to handle large volumes of documents quickly and efficiently. These tools can process multiple contracts simultaneously, saving you from the tedious task of reviewing each one individually.

This efficiency not only saves time but also ensures that all your contracts are reviewed consistently, maintaining high standards across the board.

4. Save money on legal costs

Hiring lawyers to review every contract can be like burning through your budget with a flamethrower. While legal expertise is invaluable, not every contract needs a full forensic analysis by a high-priced lawyer.

Instead of paying top dollar for a lawyer to review every single clause, AI contract review tools can handle the initial heavy lifting. The right AI contract review tool can identify the areas in your contract that truly need legal expertise, letting your lawyers focus on the tricky stuff and not the mundane details.

By using AI contract review, you can trim those hefty legal bills and still get top-notch contract analysis. Your wallet (and perhaps even your lawyer) will thank you.

5. Enhance contract consistency

Inconsistent contract language can lead to misunderstandings, disputes, and potential legal issues. When different departments or employees create contracts, variations in wording, terms, and structure can arise. This lack of uniformity can cause confusion and make managing contracts more complex and time-consuming.

AI contract review tools help standardize contract language across all your documents. By using predefined templates and ensuring that all contracts adhere to the same guidelines, AI tools maintain consistency and clarity. This not only makes contracts easier to understand and manage but also reduces the risk of disputes arising from ambiguous or inconsistent terms.

With consistent contract language, your business can operate more smoothly, avoid potential misunderstandings, and save time spent on resolving discrepancies. Plus, consistent contracts project a professional image to clients and partners, showing that your business is organized and detail-oriented.

How Cobrief can help with contract review

Reading your business contracts can feel overwhelming as an owner-manager of a small to medium-sized business. That’s where Cobrief comes in. Cobrief helps business owners and operators review their business-to-business contracts for legal risks.

Upload your contract to Cobrief's AI contract review software, click review and you’ll get a list of all the risks, in plain English. This helps you decide whether to sign, negotiate or reject the terms of your contract, or hire a lawyer. Think of it as a heat map for your contracts.

Get started here.

Conclusion

If any of these signs resonate with you, it’s time to consider investing in an AI contract review tool. AI contract review is designed to make your life easier by saving time, reducing errors, handling large volumes of documents, cutting legal costs, and enhancing contract consistency.

Ready to see how AI can transform your contract review process? Check out Cobrief to see how you can run your business safely and protect yourself from risky contacts.