Today’s fast-paced business landscape requires organizations to optimize their contract life cycle management (CLM) to gain better control over complex documents and partnerships.

The rise of artificial intelligence (AI) is revolutionizing this daunting task, delivering robust solutions to improve workflows, accuracy and data insights.

Consider the six best AI-powered tools for managing contracts to help you fulfill your legal obligations.

1.  Agiloft

Agiloft delivers AI-powered contract management solutions that enable you to review questionable terms and clauses automatically, analyze trends, generate a repository of actionable data, reduce risk by 25%, and improve workflows by 40%. Contract interrogation features enable easy exploration of agreements, while authorized users can engage with contracts and share information with their teams. This provider’s system also helps identify anomalies and deviations from standard clauses.

Integrate its AI CLM platform with over 1,000 existing systems and tools, including enterprise resource planning software or e-signature solutions. The program is also compatible with Microsoft Teams, Slack and customer relationship management (CRM) programs.

Over 95% of Agiloft’s clients renew services annually due to the team’s commitment to customer satisfaction and support, and its ability to meet evolving business needs. It also delivers robust security and encryption to protect your information and maintain regulatory compliance.

Key Features

• Integrates with over 1,000 tools and systems
• 95% renewal rate among existing customers
• No-code platform for optimal customization and adaptation without coding expertise

2.  LinkSquares

LinkSquares is a trusted CLM provider for over 1,000 clients, delivering solutions that allow you to create, review, manage and sign critical agreements. Automate contract comparison to standard templates, flag risky clauses and accelerate negotiations through AI suggestions. The system is also integrable with Google Drive, OneDrive, Microsoft Word, Salesforce, Dropbox, DocuSign and more.

Its LinkAI agentic architecture makes collaboration easier than ever, with intuitive search and editing tools available through a conversational interface. It extracts text and metadata from your file library, delivering precise results within seconds. You can also use it to generate and modify clauses and summarize content.

Manage compliance-specific language in your contracts to ensure optimal data privacy and protection. Likewise, you can rest assured that LinkSquares will safeguard your information and documents through encryption and adherence to SOC-2 standards.

Key Features

• Emphasizes Agentic AI architecture to streamline contract interactions
• Prioritizes speed and agility throughout the contract life cycle
• Centralizes all legal work beyond simple CLM

3.  Ironclad

Ironclad offers one of the best AI-powered tools for managing contracts. With its CLM solutions, clients have successfully improved contract turnaround times by 96%, reducing contracting costs by 70% and project completion times by 50%.

The product streamlines contracting through automation, from smart importing to data detection and drafting assistance. You can also generate premade templates for every contract type, ensuring each follows regulatory requirements and contains no errors.

It stores files in a centralized repository for easy access and integrates with existing platforms like Salesforce, NetSuite and Slack. The increased visibility empowers teams to be more proactive, while comprehensive data insights encourage improved decision-making. Most importantly, this provider ensures optimal security through encryption, SOC-2 compliance, ISO 27001 certification, and BYOK and HYOK options. It also supports compliance with the General Data Protection Regulation.

Key Features

• Offers a workflow designer to create and deploy any contract type in minutes
• Positions itself as a centralized platform for all contract data and processes
• Focuses on workflow automation for optimal speed and efficiency

4.  Juro

The AI-driven CLM platform by Juro features automated drafting, review and evaluations, alleviating legal impediments and tedious manual work. Its primary functionalities include contact analysis, self-serve contract generation and an intelligent repository for easy access.

With Juro, you can automate templates in Salesforce, HubSpot and hundreds of other integrations. Fast-track agreement approvals using its automated workflows, intuitive commenting, dynamic terms and built-in collaboration tools. Likewise, its total visibility allows you to oversee contracts from the first draft to the final signature.

This platform is easy to use, and Juro’s customer service team is available to help you with all your technical needs. It maintains SOC-2 Type 2 certification and guarantees 99.9% uptime. Thanks to its advanced capabilities, fast-growing businesses can boost time savings and reduce manual input.

Key Features

• Offers embedded contracting capabilities so users can initiate and manage contracts from existing tools
• Promotes AI-powered redlining and contract reviews
• Enables self-serve agreements to reduce the burden on legal teams

5.  Icertis

Icertis leverages the Vera AI Foundation and AI-powered tools — including Vera Agents and Vera Copilot — to automate tasks and extract insights from the contract life cycle. Some of its applications include Vera Analytics, NegotiateAI and RiskAI, addressing your specific needs. For example, NegotiateAI can automate redlining and suggest clause alternatives for greater consistency, intent and reduced risk.

Financial services, health care, industrial and retail are just a few industries that benefit from Icertis solutions. Financial institutions can utilize the CLM platform to manage obligations and meet regulatory requirements. Meanwhile, retailers can use it to initiate high-value partnerships with manufacturers and distributors, thereby enhancing the overall customer experience.

The software is compatible with other systems and allows you to tailor its functionality to your exact industry or various departments. Icertis also values security, maintaining ISO 27001 certification, SOC compliance reports, the Statement of Applicability and other data protection policies.

Key Features

• Contract Intelligence Platform with AI-powered insights and automation across the entire contract life cycle
• Utilizes the Vera AI Foundation to provide more innovative AI for contracts
• Provides broader solutions for various departments and industries

6.  Workday

Workday — powered by Evisort AI — offers CLM and contract intelligence solutions for industries like financial services, government, life sciences, higher education, manufacturing and nonprofits. Customize AI agents to track all aspects of your contract repository, eliminating manual tasks and errors, unlocking key insights, and securing sensitive data with certified digital protection.

Integrate Workday Contract Intelligence into your existing CLM platform for its AI capabilities. This automation-driven contract management vendor has demonstrated a 70% reduction in legal expenses, a 65% reduction in contract execution time and the ability to analyze 450,000 documents within 24 hours.

It is also compatible with e-signature tools, document repositories, and CRMs like DocuSign, SharePoint, Google Drive and Salesforce. Through total contract visibility and simplified processes, you can unlock untapped revenue potential, cost savings and enhanced workflows.

Key Features

• Enterprise AI Platform for managing human resources and finances beyond traditional CLM
• Emphasizes collaborative capabilities
• Allows organizations to connect contract data with employee and financial details

Choosing the Best AI-Powered Tools for Managing Contracts

The best AI-powered tools for managing contracts help boost efficiency and lower risk by automating repetitive processes. Selecting a provider that enables a more streamlined workflow, accelerates deal cycles and allows you to concentrate on higher-value outputs is critical. The following criteria are essential considerations when comparing tools.

Core Functionalities	AI contract management tools should be able to identify and extract information, analyze risk, automate workflows, create summaries, and deliver detailed reports.
Integrations and User Experiences	The platform should integrate seamlessly with your business technologies. The tool should be easy to use and allow you to configure its settings to your corporate policies and workflows.
Security and Compliance	Ensure the software includes advanced security features like encryption and multi-factor authentication. Check that it complies with industry and government regulations and standards.
Cost	AI-driven contract management providers should offer competitive pricing for their solutions. Factor in licensing and user fees, program training, technology support, and contract volume-based pricing.
Customer Support and Reputation	Opt for vendors that provide hands-on training and ongoing support. Read reviews and testimonials to gain insight into customer satisfaction.

How Can AI Help With Contract Review?

AI is a powerful device that assists people but does not replace them in reviewing contracts. Some of its primary capabilities include:

• Reads legal agreements and extract pertinent information — names, dates, payment terms and obligations — within minutes
• Identifies and flags deviant or high-risk provisions within agreements
• Scans contract terms against relevant legal and industry standards for compliance
• Generates summaries of lengthy contracts to comprehend the most critical details
• Highlights changes and inconsistencies, suggesting alternate wording consistent with company protocols and standards
• Makes note of important dates and sends automated notifications to stakeholders
• Eliminates potential manual errors and reduces human oversight
• Facilitates collaboration and information sharing through a centralized, searchable database

What Businesses Benefit Most From AI Contract Software?

AI contract software benefits legal, financial, health care and procurement corporations most due to their high volume of agreements. For instance, AI tools can check for grammar, spelling and noncompliance so legal teams can shift their focus to more pressing client issues.

Procurement companies can utilize it to negotiate more favorable supplier deals and improve supply chain cost management. Likewise, health care organizations might use it to verify regulatory compliance to avoid penalties. These advanced tools are also helpful in identifying liabilities and obligations during mergers and acquisitions, as well as reviewing software licensing agreements and partnership contracts for technology firms.

How Does AI Read and Understand Contracts?

AI contract software utilizes natural language processing to comprehend and analyze information. It can determine linguistic semantics, translate text from one language to another and notice patterns using machine learning algorithms.

The models undergo iterative refinement — continuous training, evaluation, adjustment and experimentation — to improve capabilities and accuracy. Constant feedback loops and user inputs further ensure that the AI tools adapt to evolving requirements and challenges across various contract scenarios.

Can AI Handle Contracts in Different Languages?

While older AI models may only read contracts in English, modern versions typically utilize natural language processing to translate and analyze contracts in various languages. The tools can often understand contextual nuances in legal texts and identify key terms and clauses, which is particularly useful for multinational companies. This promotes uniformity and standardizes data interpretation and analysis of global agreements.

The Strategic Advantage of AI-Powered Contracts

The best AI-powered tools for managing contracts unlock potential solutions for varying business requirements. Whether you need streamlined workflows, centralization, broad integrations or accurate insights, these systems can take your agreements to the next level.