Introduction

So, you’ve decided to take the plunge into the world of AI contract review.These tools can save you time, reduce costs, and make the whole process of dealing with contracts a lot less painful. But with so many options out there, how do you pick the one that’s right for your business?

Don’t worry—we’ve got you covered. Here’s a straightforward guide to help you choose the best AI contract review tool for your needs.

Read: 10 questions to ask before buying an AI contract review tool

Understand your business needs

Before you get lost in the sea of features and fancy tech talk, take a moment to think about what your business actually needs. Not every tool is going to be the perfect fit, so it’s important to know what you’re looking for.

• Volume of contracts: How many contracts are you dealing with? If it’s a ton, you’ll need a tool that can handle the load without breaking a sweat. If only a few, you’ll need a tool that’s priced for a pay-as-you-go rather than a monthly subscription.

• Contract types: What kinds of contracts are you reviewing? Whether it’s sales contracts, NDAs, or supplier agreements, make sure the tool you choose is equipped to handle your specific needs.

• Legal expertise: Be honest—how comfortable are you with legal jargon? If the answer is “not very,” you’ll want a tool that explains things in plain English, not legalese. This goes to a wider consideration—most AI contract review tools are made for lawyers not owner-managers, so it’s important the tool fits your needs.

• Team size: Is it just you, or do you have a team that will be using the tool? If it’s the latter, look for options that make it easy for everyone to collaborate.

Key features to look out for

Not all AI contract review tools are created equal. Here are the key features you should be keeping an eye on:

Ease of use

You don’t want to spend hours trying to figure out how to use the tool—that kind of defeats the purpose. Look for something that’s user-friendly, with an interface that won’t leave you scratching your head.

Always question time to value—how long does it take to get to your desired output from using the platform?

Accuracy and reliability

The whole point of using AI is to catch what you might miss, so accuracy is key. Make sure the tool can reliably spot the important stuff—like potential risks or key clauses—without getting things wrong.

Customization options

Your business isn’t like every other business out there, so your AI tool shouldn’t be one-size-fits-all. Look for a tool that lets you customize the review process to focus on what really matters to you.

Integration with existing tools

You’ve already got a workflow going, so the last thing you need is a tool that doesn’t play well with others. Check if the AI tool integrates smoothly with your CRM, document management system, or whatever else you’re using.

Support and training

Even the best tools can have a learning curve. Make sure the provider offers solid customer support and training resources so you’re not left hanging if you run into any issues.

Security and compliance

Contracts are full of sensitive information, so security isn’t something you can skimp on. Look for tools that offer top-notch security features and comply with any relevant regulations like GDPR or CCPA.

Cost effectiveness

AI contract review tools are supposed to save you money, not blow your budget. Look at the pricing structure and make sure it fits within your financial plan. Some tools charge per document, others per user, so find what works best for you.

Read: AI vs. manual contract review: Which is right for your business?

Evaluate vendor reputation and reviews

Once you’ve narrowed down your options, it’s time to do some detective work on the vendors. A good vendor will have a solid reputation and happy customers, so dig into the details:

• Read reviews: Check out what other businesses are saying. Are there consistent complaints or glowing recommendations? Sites like G2, Capterra, and Trustpilot are good places to start, or even the vendor’s website.

• Case studies: If you can find any, read case studies or testimonials. They’ll give you a sense of how the tool performs in the real world.

• Customer support: Make sure the vendor is known for being responsive and helpful. You don’t want to be stuck with a tool that’s causing problems and no one to help you fix them.

Take advantage of free trials and demos

Most AI contract review tools offer free trials or demos, so take them for a spin before you commit. During the trial, pay attention to:

• Accuracy: Does the tool pick up on the important stuff?

• Usability: Is it easy to navigate, or does it feel like a chore?

• Integration: How well does it work with your existing tools and processes?

• Time-saving: Is it actually saving you time, or just creating more work?

A trial is the best way to see if the tool is the right fit for your business, so don’t skip this step.

Read: 5 signs it’s time to invest in an AI contract review tool

Cobrief: AI contract review for small to medium-sized businesses

If you’re on the hunt for an AI contract review tool designed specifically for small to medium-sized businesses in California, Cobrief should be on your radar. Cobrief is built for owner-managers without a legal team, automating the review of sales contracts and confidentiality agreements in minutes.

What makes Cobrief special? It translates complicated legal language into plain English, so you know exactly what you’re signing. Cobrief is founded by a team of lawyers and engineers with over 25 years of experience in the legal and technology industries.

Plus, it’s quick, accurate, and won’t break the bank. If you’re ready to save time and money on your contract reviews, give Cobrief a try.

Conclusion

Choosing the right AI contract review tool can make a world of difference for your business. By understanding your needs, looking for the right features, and doing your homework on vendors, you’ll find a tool that not only fits your business but also helps it grow.

With the right AI tool, you can take the guesswork out of contract review, save time, and protect your business from unnecessary risks. So take your time, do your research, and choose a tool that will make your contract headaches a thing of the past.