Reviewing NDAs is commonly the first step in business negotiation, so it’s crucial for lawyers and legal counsels to complete them quickly to reach the next critical part of the deal. But not all NDAs are created equal — some smuggle in unwanted non-competition provisions or other nefarious clauses — so reviewing them and underlining potential critical points in a short time frame becomes pivotal.
Since the dawn of the NDA, review has been performed under strict time constraints, involving manually reading all contracts and comparing them with a list of standard clauses that constitute acceptable contract terms. This is a lengthy and error-prone process. Fortunately, machine learning technologies such as Cognitiv+ can review any existing contract and outline potential issues in only a matter of seconds.
Automated document comparison
Cognitiv+ compares every new contract against a database of known and approved contracts, identifying differences and potential criticalities.
Combining state-of-the-art machine learning technology with intuitive design, Cognitiv+ can match any new document with a list of pre-vetted documents and automatically highlight differences, pinpointing any changes and anomalies and summarizing them in a redlined document.
By identifying the clauses that should be checked against the prior contracts database, Cognitiv+ helps ensure that potentially damaging clauses are caught, so the content remains consistent with the advice across the firm.
Cognitiv+ can also compare documents in various languages and in different formats: DOCX or PDF. Each document is automatically translated into a machine-readable format.