Juro AI Extract System
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A Juro AI Extract System is a AI-powered contract management tool within the Juro platform defined to streamline contract review and extraction processes.
- Context:
- It can (typically) support Contract Data Extraction, such as dates, parties, and obligations, from third-party contracts.
- It can (typically) use Pre-Configured Playbooks to compare contracts against standard terms, enabling faster identification of discrepancies and actionable points.
- It can (often) integrate with Juro's AI Assistant (which supports contract drafting, summarizing, and reviewing functions).
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- It can help businesses standardize and expedite contract management by automating the approval workflows and incorporating data insights directly into contract processes.
- It can support multilingual contract processing by offering translation services for contracts, improving the workflow for global operations.
- It can reduce the time legal teams spend on manual contract tasks, boosting overall productivity and allowing teams to focus on high-value activities.
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- Example(s):
- Counter-Example(s):
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- See: Contract Lifecycle Management, AI in Legal Tech, Juro AI Assistant
References
2024
- https://www.artificiallawyer.com/2024/10/17/juro-launches-ai-extract-for-third-party-contracts/
- NOTES:
- Juro has launched AI Extract, a new feature designed to accelerate the review of incoming third-party contracts.
- AI Extract analyzes contracts in relation to pre-set playbooks, tags and aggregates key elements of documents, automates approval workflows, and offers translation capabilities.
- The feature builds on Juro's existing AI Assistant, which enables users to draft, review, and summarize contracts.
- AI Extract utilizes generative AI capabilities, which have significantly improved the handling of complex tasks such as interpreting conceptual aspects of playbooks and chained logic.
- The new feature aims to improve legal efficiency for businesses, with one contract manager reporting being able to process twice as many documents in the same amount of time.
- This development is part of a broader trend in legal tech towards more effective automation of contract review processes, which has been a key target for AI applications in the legal field since the early 2010s.
- The article suggests that while it has taken longer than hoped to reach this level of capability in legal tech, the sector has now achieved a significant milestone in contract management and review automation.
- NOTES: