What Can AI Do for Your Contracts?
Hi, my name is Hemanth Puttaswamy. I’m the CEO and Co-founder of Malbek. We are a contract lifecycle management solutions company. These days there are a couple of things which are on top of everyone’s mind. Of course, COVID-19 and not able to take a hair cut to manage unruly hair would be one of the things that I would vote for. And apart from that for geeks like me, AI is on top of my mind.
When we designed the Malbek platform, we designed with AI first, meaning every part of the platform that we built, we provided the right abstractions to be able to plug in the AI algorithm throughout the contract lifecycle. We developed an AI extraction engine that can extract key terms like liability damages capped, the contract length, the renewable terms, etc. But that was just the beginning.
We are working on a couple of exciting initiatives, and I would like to give you an abstract on those. First, ability to build the risk profile across the repository, across all the contracts in the repository. Second, to help you draft the most optimal contract. So to build that risk profile we have identified many data points across different categories, including the finance, legal, security, etc. And our AI engine will be able to tag the contracts which are risky and also will provide you the reasons why a tag is risky in an objective fashion. Next, what we have done is we’ve taken that historical insights that we have built across your repository and applied that into drafting a new contract. Now it helps you draft the most optimal contract in terms of redlining and negotiation, the number of round trips that you would take while reducing the risk exposure and keeping the monetary impact in a favorable position.
Now, this is where it gets very interesting. We have a patent-pending algorithm that is plotting the normality of the contract along with the negotiation trajectory and the potential monetary impact. So with that we will be able to recommend the most optimal language and the terms that you should put in the contract to get that to the finish line in the shortest possible time. We’re very excited about these initiatives, and I will be updating with a lot more information in the coming months. Thank you for watching. Please stay safe and healthy.
