IntelPact - Contractual obligation extraction using artificial intelligence

"Companies are constantly challenged by the management of the ever-increasing contractual obligations, from payment schedules, delivery plans, to regulatory and compliance reporting. These tasks are currently done manually, going through every single contract, trying to detect the obligations by hand and somehow organising this information to be able to manage it.

Currently, the only alternative to manual in-house contract management is professional service companies (lawyers or consultancies). Unfortunately, they also use the same methodology which means that they address the problem in a manual, non-standardised manner, allowing ample room for automation using innovative solutions.

This project proposes the automation of the obligation extraction task using artificial intelligence, especially machine learning, natural language processing and smart contracts. Since the extracted information will be already in machine readable format we also propose the development of software the implements the workflows that have to do with obligation management(e.g. payment calendars, reporting notifications,etc.).

The solution, accessed directly or as a service, will help legal, commercial and compliance professionals to accelerate contract review and analysis as well as avoid manual data entry into corporate systems allowing them to focus on higher value tasks. It will generate significant cost savings (50-90%) through the reduction of the time spent on manual tasks. On top of that, we expect significant operational risk reduction which will lead to reduced costs of litigation and potential penalties."