CONTRACT ADVISOR
A computer system and method for managing a contract by receiving and analyzing attributes to classify the agreement based on its type. Proposed clause inputs are received, analyzed, and classified, considering their relationship to a document family and whether they pertain to an amendment or new agreement. Revised clause language is generated by identifying and reformatting previously utilized legal clauses to align with the document family and propose revisions or new clauses. Potential risk exposure is evaluated based on risk management parameters or regulatory requirements, and the revised clauses are reformatted to address identified risks. This system enables efficient contract management, ensuring appropriate classification, tailored clause generation, and risk mitigation.
1 . A method for a managing a contract, comprising:
receiving attributes regarding a proposed agreement;
analyzing the attributes to classify the proposed agreement according to an agreement type;
receiving a proposed clause input for the proposed agreement;
analyzing the proposed clause input, including:
classifying the proposed clause input according to a clause type;
determining whether the proposed clause input relates to a family of documents; and
determining whether the proposed clause input relates to an amendment to a pre-existing agreement or a new agreement;
generating proposed revised clause language, including:
identifying a previously utilized legal clause according to the clause type and the agreement type;
reformatting the previously utilized legal clause to incorporate a characteristic associated with the family of documents; and
reformatting the previously utilized legal clause to read as either a proposed revision to a pre-existing clause of the pre-existing agreement or a proposed new clause to the new agreement;
evaluating a potential risk exposure associated with the proposed revision or the proposed new clause based on at least one of a risk management parameter or a regulatory requirement; and
reformatting the proposed revision or the proposed new clause to address the potential risk exposure.
2 . The method of claim 1 , further comprising leveraging a private clause library in generating the proposed revised clause language.
3 . The method of claim 1 , further comprising leveraging a publicly available information in generating the proposed revised clause language.
4 . The method of claim 1 , further comprising forwarding the proposed revision or the proposed new clause to a human for manual review.
5 . The method of claim 1 , further comprising identifying a relationship of the proposed agreement to the family of documents.
6 . The method of claim 1 , further comprising tailoring the proposed revision or the proposed new clause to one or more lines of business associated with a financial institution.
7 . The method of claim 1 , further comprising tailoring the proposed revision or the proposed new clause to one or more financial products or services.
8 . The method of claim 1 , further comprising providing a user notification regarding the potential risk exposure associated with the proposed revision or the proposed new clause.
9 . The method of claim 1 , further comprising training one or more generative transformers on approved legal clauses converted into a standardized format.
10 . The method of claim 1 , wherein generating the proposed revised clause language utilizes an output of two or more generative transformers.
11 . A computer system for managing a contract, comprising:
one or more processors; and
non-transitory computer-readable storage media encoding instructions which, when executed by the one or more processors, cause the computer system to:
receive attributes regarding a proposed agreement;
analyze the attributes to classify the proposed agreement according to an agreement type;
receive a proposed clause input for the proposed agreement;
analyze the proposed clause input, including:
classify the proposed clause input according to a clause type;
determine whether the proposed clause input relates to a family of documents;
determine whether the proposed clause input relates to an amendment to a pre-existing agreement or a new agreement;
generate proposed revised clause language, including:
identify a previously utilized legal clause according to the clause type and the agreement type;
reformat the previously utilized legal clause to incorporate a characteristic associated with the family of documents;
reformat the previously utilized legal clause to read as either a proposed revision to a pre-existing clause of the pre-existing agreement or a proposed new clause to the new agreement;
evaluate a potential risk exposure associated with the proposed revision or the proposed new clause based on at least one of a risk management parameter or a regulatory requirement; and
reformat the proposed revision or the proposed new clause to address the potential risk exposure.
12 . The computer system of claim 11 , wherein the computer system is further configured to leverage a private clause library in generating the proposed revised clause language.
13 . The computer system of claim 11 , wherein the computer system is further configured to leverage publicly available information in generating the proposed revised clause language.
14 . The computer system of claim 11 , wherein the computer system is further configured to forward the proposed revision or the proposed new clause to a human for manual review.
15 . The computer system of claim 11 , wherein the computer system is further configured to identify a relationship of the proposed agreement to the family of documents.
16 . The computer system of claim 11 , wherein the computer system is further configured to tailor the proposed revision or the proposed new clause to one or more lines of business associated with a financial institution.
17 . The computer system of claim 11 , wherein the computer system is further configured to tailor the proposed revision or the proposed new clause to one or more financial products or services.
18 . The computer system of claim 11 , wherein the computer system is further configured to provide a user notification regarding the potential risk exposure associated with the proposed revision or the proposed new clause.
19 . The computer system of claim 11 , wherein the computer system is further configured to enable training of one or more generative transformers on approved legal clauses converted into a standardized format.
20 . The computer system of claim 11 , wherein the computer system is further configured to utilize an output of two or more generative transformers in generating the proposed revised clause language.