Introduction

Contracts are the backbone of any business, but let’s face it—reviewing them can be as exciting as watching paint dry. Despite their importance, the process can be incredibly time-consuming and prone to errors, especially if you have other responsibilities as an owner-manager running your business.

Here are five signs that it’s time for your business to adopt AI contract review.

Reason 1: You’re spending too much time on contract review

If you find yourself or your team spending countless hours poring over contracts, it might be time to consider an AI contract review tool. Contract review is essential, but it shouldn’t take up hours. Think about it: all that time spend reading and re-reading complex clauses could be better used on activities that drive your business forward, like selling, attending client meetings or business development.

The right AI contract review tool can quickly scan and analyse contracts in minutes, highlighting key terms, potential risks and discrepancies. This not only speeds up the contract review process, but also ensures nothing important is overlooked.

Imagine cutting your contract review time so it only takes a few minutes. With AI contract review, it can be your reality.

2. You’re drowning in contracts

If your business is growing, chances are you’re dealing with more contracts than ever before. While this is a good sign of success for your business, it can also be overwhelming. Managing and having to review a high volume of contracts—whether you’re a startup, small business or scaling company—is not only time-consuming, but also increases the likelihood of risks slipping through the cracks or signing away something that you shouldn’t have.

AI contract review tools, however, can handle large volumes of contracts with ease. Since they can process multiple documents simultaneously, they can save you from the tedious task of reviewing each one manually. This efficiency means that you can keep up with your growing business demands without sacrificing accuracy or quality.

3. Human errors are costing your business

Even the most meticulous humans can make mistakes. Unfortunately, in the world of contracts, even a small error can lead to significant consequences. Missed clauses, incorrect dates, or overlooked terms can all result in legal or financial issues.

This is where the correct AI contract review tool can shine. 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, nor does it need a coffee. It can work around the clock, 24/7.

By investing in an AI contract review tool, you can mitigate risks in your business contracts and make sure they’re watertight.

4. You want to save money on legal costs

Hiring lawyers to review every contract can be expensive. While legal expertise is invaluable, not every contract requires a deep-dive from a high-priced attorney who racks up the legal bill each time you pick up the phone or send an email. If you can get over the complicated legal language, most contracts just require common sense.

An AI contract review tool can handle the initial review, identifying areas that need further legal input. This means your lawyers can focus on what they do best—tackling the most important bits — without getting bogged down in routine checks. This approach can save you money on legal fees while ensuring that your contracts are thoroughly checked.

5. You want to understand what you’re signing—and the risks

Understanding what you’re signing as an owner-manager in a small to medium-sized business is crucial, but complicated legal language can make contracts difficult to comprehend. You need to know exactly what each clause means and what risks you may be taking on.

Th right AI contract review tool like Cobrief can break down complex legal clauses and explain the potential risks for your business in plain English. Instead of wading through pages of confusing language, you get clear, straightforward information about each part of the contract.

This not only helps you make informed decisions, but also ensures that you’re fully aware of the implications of each agreement—empowering you to confidently manage your business agreements and avoid potential pitfalls.

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

AI contract review is a smart investment that allows you to focus on growing your business while ensuring that your contracts are screened for risks and well-managed. If you’re looking to streamline your contract review process and save both time and money, it’s time to give AI contract review a try.

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