ThoughtRiver's Lexible Fusion AI Engine
A ThoughtRiver's Lexible Fusion AI Engine is an advanced artificial intelligence engine that is designed to automate legal contract review, management, and risk assessment.
- AKA: Lexible Fusion.
- Context:
- Website: https://www.thoughtriver.com/resources/lexible-fusion
- Functionality:
- It can identify key contract information and risks with 97% accuracy, significantly reducing the time required for contract review from hours to minutes.
- It leverages a structured dictionary of legal questions to analyze contracts, providing answers to both general and nuanced legal points.
- It is integrated into a cloud-based, SaaS application that fits seamlessly into existing workflows, including a Microsoft Word add-in for easy contract uploads and real-time collaboration.
- Applications:
- It is particularly effective for legal firms and corporate legal departments looking to streamline their contract review processes, ensuring no critical details are overlooked.
- It supports intelligent contract analysis, creating structured document data and generating issues lists that can be shared for collaborative review.
- It can be used to enhance decision-making, accelerate deal velocity, and improve cross-departmental collaboration by transforming contracts into valuable digital assets.
- Example(s):
- Contract Review: A legal team uses Lexible Fusion to analyze a complex supply agreement. The AI engine identifies potential risks and obligations, reducing the review time from several hours to a few minutes, thus increasing the efficiency and accuracy of the contract management process.
- M&A Due Diligence: During a merger, Lexible Fusion helps the legal team quickly review large volumes of contracts, identifying key terms and risks, and facilitating faster and more informed decision-making.
- ...
- Counter-Example(s):
- See: AI-Supported Contract Review, Smart Contracts, Legal Document Automation, Risk Management Software.
References
2024a
- (PRNewswire, 2024) ⇒ "ThoughtRiver Sets New Standard in AI Contract Review, Grounded in Latest Industry Research". In: PRNewswire.
- QUOTE: Legal tech AI software provider, ThoughtRiver, is redefining AI-powered contract review through its unmatched accuracy and efficiency. Leveraging insights from the latest industry research conducted by Agiloft, ThoughtRiver highlights its leadership in transforming legal professionals' approach to contract analysis and review with its Generative AI platform.
2024b
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept ThoughtRiver's Lexible Fusion AI Engine in 1- 2 paragraphs. ChatGPT (model:gpt-4o). Retrieved: 2024-06-03.
- QUOTE: ThoughtRiver's Lexible Fusion AI Engine is a sophisticated platform designed to revolutionize the way legal professionals review and analyze contracts. It integrates advanced AI technologies, including natural language processing (NLP) and machine learning, to automate the extraction and interpretation of key contract terms and clauses. The core of Lexible Fusion is its ability to understand legal language at a granular level, offering insights and identifying potential issues or deviations from standard practices within contracts. This tool significantly reduces the time and effort required for contract review, enhances accuracy, and helps mitigate risk by flagging problematic terms that may need further legal scrutiny.
Additionally, Lexible Fusion AI Engine is built on a flexible architecture that allows it to be customized and adapted to various legal domains and organizational requirements. It learns from continuous input from legal experts and user interactions, thereby improving its performance and expanding its comprehension over time. By streamlining contract analysis, ThoughtRiver aims to empower legal teams to focus more on strategic decision-making and less on the tedious aspects of contract management, ultimately driving efficiency and ensuring better compliance and risk management within legal operations.
- QUOTE: ThoughtRiver's Lexible Fusion AI Engine is a sophisticated platform designed to revolutionize the way legal professionals review and analyze contracts. It integrates advanced AI technologies, including natural language processing (NLP) and machine learning, to automate the extraction and interpretation of key contract terms and clauses. The core of Lexible Fusion is its ability to understand legal language at a granular level, offering insights and identifying potential issues or deviations from standard practices within contracts. This tool significantly reduces the time and effort required for contract review, enhances accuracy, and helps mitigate risk by flagging problematic terms that may need further legal scrutiny.
2022
- (ThoughtRiver Team, 2022) ⇒ https://www.thoughtriver.com/resources/lexible-fusion
- QUOTE: Lexible is an AI technology designed to ask the same human language questions as your lawyers would. It uses human language Q&A technology to help you understand the points of meaning in your contracts. Whether you need answers to general or nuanced legal points, Lexible Fusion's structured dictionary of legal questions has got you covered.