Frequently Asked Questions
Contract Intelligence

What is Cortical.io Contract Intelligence?

Cortical.io Contract Intelligence is an application that uses our patented natural language understanding approach to accurately search, extract, classify and compare information in agreements at a precision level that is difficult to achieve at scale with manual labor or with other contract analysis solutions.

What are the benefits of using Contract Intelligence?

Contract Intelligence improves the efficacy of contract analysis by reducing the time to review agreements while improving the accuracy and quality of the results. The solution helps you meet critical deadlines, standardize your legal framework and better assess risks and liabilities. Contract Intelligence also aggregates the extracted information to provide valuable insights with large-scale contract analysis.

From what kind of documents can Contract Intelligence extract and classify information?

All types of documents, including general contracts, credit agreements, insurance policies, financial statements, lease agreements, ISDA master agreements with annexes, amendments, certificates, approval notes and letters.

Which document formats can be processed?

The list of supported document types includes: Word (.doc and .docx), Excel (.xls and xlsx), Powerpoint (.ppt and .pptx), OpenDocument (.odt, .ods, and .odp), rich text (.rtf), plain text (.txt), and comma-separated text (.csv) documents. Built in OCR capability can process scanned documents in PDF.

Which languages are supported?

English and German. Functionality to process and extract documents in other languages can be added on request.

What kind of information can Contract Intelligence extract and classify from documents?

Terms such as dates (agreement dates, termination dates, conversion dates, etc.), amounts (rates applied, pricing, etc.), ratios or parties; entire clauses such as terminations, warranties or indemnification; and data from tables, such as pricing tables. 

How does Contract Intelligence classify terms and clauses in documents?

Contract Intelligence can make inferences regarding terms and clauses and classify them (e.g. is a clause standard or non-standard) based on the training by the Subject Matter Expert (SME) on a small set of documents. Because of our patented approach to natural language understanding, Contract Intelligence can compare and classify terms and clauses even if the wording is completely different.

How does the Search functionality work?

Semantic Search enables to search across documents, extractions and annotations. The search functionality uses Cortical.io patented natural language understanding approach to recognize concepts based on meaning, not just keywords.

As a result:

  • you can find items with similar meanings, even if the wording is different. This reduces false positives and includes relevant results that keyword searches would not find
  • you can use a phrase or even a provision as the search query, making it easier to search compared to using keywords, and expect relevant results based on the meaning of the phrase or provision

More over, our advanced search features allow you to:

  • Perform complex searches that contain multiple search predicates and criteria.
  • Search across content from documents, extractions & annotations at the same time.
  • Perform “range” queries that allow you to search for numerical and date ranges.
What does the Compare function cover?

You can semantically compare a given document against one or more documents. Use cases include comparing against a template or a previous version. The system provides a comparison score with a color coding for quick review. The Compare functionality also enables the comparison of extractions between two documents and automatically creates a redlined version of the extractions and the document.

Does Contract Intelligence include OCR capabilities to work with scanned documents?

Yes, Contract Intelligence can convert scanned PDF documents into searchable PDF documents that Contract Intelligence can then process. Note: PDF files that were created from scanned documents are subject to the quality of the scans.

Can Contract Intelligence process information from tables?

Yes, Contract Intelligence has a sophisticated table extraction functionality that extracts information from tables regardless of the row/column format in the PDF document.

What is the onboarding process using Contract Intelligence?

Contract Intelligence provides an intuitive user interface to make it easy for SMEs to set up the system for production. Set up steps include: (1) Define the different kinds of documents; (2) Define the extraction targets for each kind of document; (3) Upload sample documents (50 to 100); and (4) Have a Subject Matter Expert (SME) annotate the sample documents.

Contract Intelligence then takes those annotated sample documents to automatically train the models used in production. This process generates models tailored exactly to your needs and expectations.

How long does onboarding take?

Onboarding can take a couple of days to a couple of weeks depending on the number of document types and the number of extractions required.

How long does the training take?

Training Contract Intelligence can take up from a few minutes to a few hours depending on the size of training documents and the number of extraction targets.

How easily can Contract Intelligence integrate feedback from users?

Contract Intelligence provides a continuous process for accepting and processing SME feedback. It collects information from annotations that SMEs make during their everyday document review work. In the case of incorrect extractions, the SMEs indicate the correct information by annotating the original documents. At any point, the SMEs can have Contract Intelligence generate a new refined model to use in production.

How is the accuracy of the Contract Intelligence measured?

Contract Intelligence measures performance based on precision (i.e. percentage of terms and clauses correctly identified out of the total identified) and recall (i.e. percentage of terms and clauses found out of the total actual terms and clauses). A more detailed description of precision and recall can be found here. Results can be broken down by document type and extraction target.

How does the SME interact with Contract Intelligence?

Contract Intelligence provides an easy-to-use web interface for the SME to define extraction targets, annotate sample documents and review processed documents. The Dashboard tab enables administrators to manage and track the review progress and assign documents and annotation or review tasks to individual SMEs.

How can I access the information extracted by Contract Intelligence?
  • Extractions and annotations of a document can be exported to an excel spreadsheet
  • The entire database of extractions and annotations can be exported in a structured format for analysis with business intelligence solutions such as Tableau
  • Information can also be accessed programmatically thru a REST API
How does Contract Intelligence integrate into my contract management systems?

Contract Intelligence can be integrated into existing systems through its REST API.

How is Contract Intelligence deployed?

Contract Intelligence can be installed on premises or in the cloud. More common cloud options include Amazon Web Services (AWS), Microsoft Azure and Google Compute Engine (GCE).

What is the pricing model for Contract Intelligence?

The pricing model is based on the number of documents uploaded. For more information, contact us at [email protected].

Still have some questions? Contact us to get the answers!

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