This document will provide you with a summary of ContractWorks AI tags (original and new) and detail AI Contract Extract best practices.
Original AI Tags
|
Termination Date |
| Effective Date |
| Agreement Type |
| Parties |
| Initial Term |
| Renewal Term |
| Termination Notice Window |
New AI Tags - AI Contract Extract
Available as an Add-On
Clauses
| Assignment |
| Confidentiality |
| Consequences of Termination |
| Dispute Resolution |
| Exclusions From Liability |
| Force Majeure |
| Indemnity |
| Limitations of Liability |
| Termination |
| Termination for Convenience |
Dates
| Effective Date |
| End Date |
| Executed Date |
Details
| Annual Contract Value |
| Contract Name |
| Governing Law |
| Total Contract Value |
| Payment Term |
| Term |
| Renewal Notice Period |
| NDA Type |
| Renewal Type |
| Parties |
Summaries
| Summarize Agreement |
| Summarize Obligations |
AI Tag Definitions
AI Tag Name |
Definition |
|
Assignment |
The rights and restrictions regarding transferring contract rights or obligations. |
|
Confidentiality |
Terms concerning the protection of confidential information. |
|
Consequences of Termination |
Actions and outcomes following contract termination. |
|
Dispute Resolution |
Procedures for resolving disagreements between contract parties. |
|
Force Majeure |
Provisions addressing unforeseen events beyond the control of the parties. |
|
Indemnity |
Circumstances under which parties are protected from harm, loss, or damage. |
|
Limitations of Liability |
Clauses restricting the extent of liability for contract parties. |
|
Governing Law |
The jurisdiction whose laws govern the contract. |
|
Contract Name |
The title of the contract. |
|
NDA Type |
Whether the contract is a non-disclosure agreement. |
|
Renewal Type |
The method by which the contract can be renewed. |
|
Summarize Agreement |
A brief overview of the contract's purpose and key terms. |
|
Summarize Obligations |
A list of each party's primary legal obligations. |
|
Exclusions From Liability |
Clauses excluding liability for certain types of losses. |
|
Termination For Convenience |
Whether the contract allows termination without specific cause. |
|
Termination |
Procedures and reasons for ending the contract. |
|
Annual Contract Value |
The yearly monetary value of the contract. |
|
Total Contract Value |
The overall monetary value of the contract, including all payments. |
|
Effective Date |
The date on which the contract begins. |
|
End Date (Built-In) |
The specific date on which the contract expires. |
|
Parties (Built-In) |
The entities involved in the contract. |
|
Payment Term |
The date on which the contract begins. |
|
Term |
The duration of the contract. |
|
Renewal Notice Period |
The time required to notify of contract termination before auto-renewal. |
AI Contract Extract Best Practices
1. Review Tags
- Tags: Evaluate current tags and determine which should be retained.
- Example: If the user has an existing tag for Initial Term, and wants to use AI to extract this, they can:
- Keep the current/old Initial Term tag.
- Enable AI for Initial Term tag.
Use the AI prompt from the new Term tag to capture Initial Term:- Copy the prompt from Term to Initial Term.
- Disable the AI on Term tag to avoid duplication.
- Now, the old initial term tag is a new AI enabled tag and this will update across reports, tag templates.
- Example: If the user has an existing tag for Initial Term, and wants to use AI to extract this, they can:
- Note: Historical tag data will be preserved, even if you stop using/update old tags.
2. AI Reports Configuration
- Reports: Review all saved and active reports.
- Determine whether any report columns need to include new AI-extracted fields.
- This ensures reports reflect AI-extracted data where applicable.
- Ensure any reports that are meant to use AI-extracted data include the relevant new AI-enabled tags.
If you want a general report to capture all AI-extracted tags, update the report’s column settings accordingly.
3. Review Tag Templates
- Look through your existing tag templates and decide:
- Whether to add AI tags to them.
- Whether to replace legacy tags with new AI-enabled tags.
- If you make replacements, be sure to update the template so those new tags are included.
- Note: Some default AI tag assignments may be disabled, so manual updates might be needed.
4. Additional Tag Considerations
- If you want to extract custom fields beyond the default AI tag list:
- Determine which custom tags you want to enable for AI extraction.
- These will require custom prompts and careful scoping.
- Prompt development and custom tag creation may need to be coordinated with your ContractWorks support team.
- Can be helpful to test custom tag prompts against a subset of data to determine efficacy.