Back to blog

Top 12 Contract Review Software: How To Automate Your Contract Review

Contract review might be one of the most unproductive and repetitive tasks in business. Every company needs contracts to be correct but constant manual review is a tiresome undertaking.

Lawgeex conducted a study that challenged 20 top corporate lawyers to compete against artificial intelligence in reviewing five previously unseen contracts. The average time for a lawyer to complete the review was 92 minutes, while the AI did it in only 26 seconds.

There are many contract review software on the market with all kinds of different contract management features.

Today you’ll learn how to save a whole lot of time and eliminate accidental human error by automating this task. You’ll also discover the top 12 contract review software and which one suits best for your business.

What Is Contract Review?

Contract review is the process of checking a completed contract for any potential errors or shortcomings before submission. This includes proofreading and making sure the contract covers all necessary points and has all the details.

On the other hand, contract review consists of overseeing the entire organization’s contracts, looking for set information, and compiling the data into summary charts. This gives the business excellent insights into their different contracts, parties, action steps, due dates, etc.

Contract Review Software post

Most contract review and management are currently done by employees manually.

Whether it’s someone from the legal team, the HR, or the founder itself, checking contracts interrupts their daily workflow and takes up a lot of time. Moreover, manual review is prone to human error since it’s tough to keep 100% focus while flipping through tens or hundreds of pages of technical legal jargon.

👉 Before reviewing contracts, you need to draft the contracts. If you aren’t already using smart templates to speed up your contract creation, check out our article on the best legal drafting software.

What Is Contract Review Software?

Contract review software is a specifically designed technology that automatically scans the documents based on legal standards and sets rules that you can modify. This will ensure greater compliance and help you quickly eliminate errors. Most of these software offer excellent proofreading, highlight contradictions, and fill in or report any missing details.

Furthermore, many contract review tools offer an advanced search that automatically locates user-specified information and generates summary charts or tables based on the findings. These databases are often customizable, so you can easily create the reports that are important to you.

This is highly beneficial for companies that are scaling and need a simple overview of their contracts and the most important details.

What Are The Benefits Of Contract Review Software?

  • Saves time

The biggest benefit of contract review software is definitely how much time it saves. Whether you’re proofreading the document and looking for errors, or you’re trying to search for data and put together a report based on specific info inside your contract library, you’re losing hours of valuable time that could be spent elsewhere.

Both of these tasks take just seconds for the AI to complete, and we’ve found that using software results in 83% faster contract workflow for our clients.

  • Saves money

Based on ContractsCounsel’s marketplace data, the average cost of a project involving a contract review is $608. You might think that reviewing contracts yourself saves your business money, but in reality, all these hours are taken away from business development and end up costing you a lot more.

  • Reduces risk of errors

Even the best lawyers in the world make mistakes because they’re human. This is not to say that the AI won’t make a single mistake but it certainly won’t lose focus or precision when reviewing a document. Using automated contract review will significantly reduce the number of errors in your contracts.

  • Reduces potential financial fines and losses

When you reduce errors, you have a smaller chance of the contract becoming invalid and costing your business money. On the other hand, if your contract library isn’t organized, you might lose control over the status of your contracts and miss important signing or renewal dates. Most contract review tools offer an easy-to-use platform that gives you complete control and overview of all your contracts at once so you never miss an important date or detail ever again. These tools often have multiple other contract management benefits that could dramatically speed up your contract workflow.

Let’s now take a look at some contract management software options that either have contract review functionality included or provide dedicated contract review services.

12 Best Contract Review Software

  1. Avokaado — Best for contract review combined with CLM

Avokaado is a powerful contract lifecycle management software including a few elements for contract review. This tool offers both meta-data and full-text search to extract information from your contracts in seconds. It also features a centralized clause library filled with lawyer-made templates to reduce errors and ensure your contracts meet all legal standards.

Top 3 features:

  • Easy and effective search system
  • Structured data and template library
  • Overview of all contracts in one dashboard with custom alerts

Pricing:

  • Freemium (1 user)
  • Starter €29 per month
  • Standard €49 per month
  • Premium €60 per month

Free trial: Free 7-day trial for all plans.

  1. Kira Systems

Kira is one of the leaders in legal document review software with its advanced machine learning technology. Quickly extract key information from contracts and turn them into reports, review contracts to mitigate risk, and optimize internal workflows.

Top 3 features:

  • Highly accurate contract review AI that automatically flags clauses, risks, and information that’s significant for you
  • In-depth reporting system with patented machine learning technology that helps drive profitability and identify risks
  • One interface to manage contracts and track progress

Pricing:

  • Contact them for pricing as they don’t share any pricing details publicly

Free trial: No trial but you can request a free demo to see the software in action.

  1. Evisort

Evisort shines in advanced contract analytics and its contract repository management that syncs with your existing systems. Accelerate your business by creating comprehensive reports, set alerts and notifications, and keep everything in one platform.

Top 3 features:

  • Template builder and workflow management
  • Reports contract data in real-time
  • Straightforward integrations for your current files and systems

Pricing:

  • Contact them for a custom quote

Free trial: You can request a free demo from their website.

  1. Luminance Diligence

Luminance Diligence is an advanced document review and approval software that provides lawyers with the most rigorous analysis and understanding of their documents while instantly highlighting anomalous areas.

Top 3 features:

  • Automatically identify anomalies to prioritize your review
  • 1000+ pre-set clause models to evaluate clauses and data points
  • Fast and effective collaboration with built-in workflow tools

Pricing:

  • No pricing details available, contact them for a custom solution

Free trial: They offer a free demo to show how Luminance can benefit your organization.

  1. LawGeex

LawGeex allows you to automate the review of everyday business contracts by scanning the document for any errors, contradictions, or missing parts. You can feed its AI predefined policies and upload past contracts so it can learn the specifics of your business. This allows the tool to suggest even more relevant corrections.

Top 3 features:

  • AI adapts based on your company’s playbook and guidelines
  • Comprehensive error detection and redline document scanning
  • Visualized reports to help you make data-driven decisions

Pricing:

  • They provide custom pricing based on your needs

Free trial: No trial but you can request a free demo to see their tool in action.

  1. ContractWorks

ContractWorks is another contract review software with a focus on simplicity and one central contract repository. You can use the advanced search, create custom reports, and set unlimited reminders and alerts for your documents to stay on top of the workflow.

Top 3 features:

  • Easy-to-use user interface
  • Navigate your contracts with tags and search
  • Granular roles and permissions

Pricing:

  • Standard: $600 per month
  • Professional: $800 per month
  • Enterprise: $1000 per month

Free trial: Free trial is available for each of these plans.

  1. Concord

Concord is a complete contract lifecycle management tool that also helps you accelerate your contract review and approval policy. With Concord, you can search and store all your contracts in one place and edit and chat directly with your team on the platform.

Top 3 features:

  • Edit documents online with your teams & third-parties
  • Automated email alerts for deadlines
  • Compare documents with smart fields

Pricing:

  • Standard: $23 per user per month
  • Pro: $59 per user per month
  • Enterprise: Contact their team for a personalized solution

Free trial: Try their Standard or Pro plan for free with up to three users.

  1. Onit

Onit is a cloud-based contract repository with an extensive clause and template library. Their automated risk mitigation system assists you in negotiations and daily workflow by quickly identifying clauses and terms which add risk to your agreements.

Top 3 features:

  • Automated risk mitigation
  • Robust dashboard with powerful reporting capabilities
  • Microsoft Word integration to work in Word while having a link to Onit

Pricing:

  • Custom pricing, which you can find out via a demo call

Free trial: They don’t have a free trial but you can schedule a demo to learn more about their solution.

  1. Precisely

Precisely helps you streamline your contract review and workflow by offering an easy-to-use secure platform. You can collaborate with your team, control access levels, and stay error-free with rules for templates, calculations, and more.

Top 3 features:

  • Set rules to quickly review your contracts
  • Online central archive for all your documents and workflows
  • Register, archive, and monitor contracts with AI

Pricing:

  • Professional: $62 per user per month
  • Enterprise: $89 per user per month

Free trial: Professional plan has a 14-day free trial option.

  1. Icertis

Icertis is an advanced contract data management system. Their AI-powered Icertis Contract Intelligence transforms and enhances your contract review by structuring and connecting the critical information across all your contracts.

Top 3 features:

  • Robust search and visibility for quick access to contract data
  • Intelligent contract negotiation tracking and risk compliance tools
  • AI-driven insights to optimize all aspects of contract management

Pricing:

  • Contact their sales team via their website to get to know their pricing

Free trial: No free trial available but you can register for a free demo.

  1. Conga

Conga is a contract maintenance software that helps you gain full visibility into your contracts to track obligations, manage opportunities, and mitigate risks confidently.

Extract data from your documents and find critical information in seconds with their topic and terms search.

Top 3 features:

  • Unparalleled AI accuracy with human review
  • Searchable, centralized contract database
  • Proactive alerts, advanced insights

Pricing:

  • They have not revealed any pricing details publicly, but according to the Conga Composer listing on Salesforce Appexchange, prices start at $20/user/month with a minimum of 10 users

Free trial: Book a free demo call to see their solution in action.

  1. DocuSign CLM

DocuSign CLM can speed up your contract review processes with an accessible library of pre-approved clauses and a centralized repository to store, tag, and organize contracts in one searchable place. You’ll also get the other added features of a CLM.

Top 3 features:

  • Discoverable metadata across all of your agreements
  • Collaboration tools to review, comment, assign tasks, and track changes across multiple versions
  • Best-in-class security

Pricing:

  • Contact their sales team to get a custom quote for DocuSign CLM

Free trial: Free trial is available for their e-signing features but not for the entire CLM.

Conclusion — Which Is The Best Option?

Now you can see why contract review software is essential for your business. Not only can it save a lot of time and money but also accelerate your deal negotiation processes and make the whole business more organized.

The key to choosing the best option for your particular situation is to first assess the main problems you encounter and then search which tools offer specific features to solve these problems.

We recommend you try Avokaado for free for 7 days because it’s one of the most competitive picks in terms of pricing and its ease of use.

You can easily integrate it with Google Drive or your previous file systems and keep all your contract management in one place with intuitive workflow features and advanced meta-data search to streamline your contract review.

Thanks for reading our guide on the 12 best contract review software and we hope that manual contract review will soon become a thing in the past for all businesses!

26.11.2021

Recent posts

Top 12 Cloud-based Document Management Systems That Will Increase Your Efficiency
30 December 2021
11 Document Approval Software That Can Scale Your Operations
29 December 2021
The Top 10 Document Collaboration Tools — Pros, Cons & Pricing
17 December 2021

Subscribe to Newsletter

Successfully subscribed!

Now you can stay up-to-date with legal news.

Avokaado Newsletter

Stay updated on Legal Tech with our weekly newsletter
* Invalid e-mail

Subscribed!

We sent confirmation information to your e-mail address