Element / General - CLM
CLM
Problem :
Contract management in financial and legal environments is slow, error-prone, and fragmented. Legal and procurement teams spend countless hours reviewing, drafting, redlining, and negotiating contracts manually-often across hundreds of pages filled with dense legal language. Key information like pricing terms, clause risks, expiration dates, and obligations is buried in documents, making it hard to track compliance, identify deviations from policy, or surface critical deadlines. Moreover, there’s no scalable way to compare contracts to market standards, stay updated with regulatory shifts, or generate first drafts aligned with internal playbooks. The result: lengthy approval cycles, compliance risks, and missed business opportunities.
Solution :
Element’s Generative AI-powered CLM platform transforms how legal and financial contracts are created, reviewed, negotiated, and understood. The platform leverages large language models, legal-trained NLP, and knowledge graphs (like GraphRAG) to deliver end-to-end automation:
- Contract Analysis: AI instantly extracts clause-level data (e.g., indemnities, pricing, expiration dates) from contracts and provides auto-generated summaries for faster review.
- Template Generation: By analyzing prior agreements and company playbooks, the system drafts legally compliant, customized templates for different contract types.
- Risk & Compliance Review: AI compares contract clauses to internal standards and regulatory frameworks, flagging non-compliance or risk-heavy language and suggesting redlines.
- Clause Search & Q&A: Users can ask natural language questions like “When does this contract expire?” or “Do we have any ESG requirements with this supplier?” and receive direct, clause-level answers.
- GraphRAG-powered Mapping: The system links definitions, subclauses, and cross-referenced content across documents-building a semantic network that enhances risk identification and audit readiness.
- Contract Intelligence Bot: A legal AI assistant intelligently answers ad-hoc queries, suggests alternative clauses, and identifies related SOWs or contracts with the same vendor.
Outcome :
Legal, procurement, and risk teams reduce contract cycle times by up to 50%, identify and resolve risks earlier, and streamline negotiation with AI-suggested edits aligned to internal standards. Reviewers focus only on flagged areas, reducing human fatigue and ensuring high-risk terms are never missed. By automating clause extraction, summarization, and comparison, organizations minimize manual review effort and improve audit readiness. Natural language interfaces and intelligent Q&A functionality democratize access to legal knowledge, enabling stakeholders to retrieve insights instantly without legal expertise. Ultimately, Element’s GenAI CLM solution improves contract quality, reduces legal exposure, ensures faster deal closures, and enables truly strategic contract management.