ContractWorks AI Tags / AI Contract Extract Best Practices

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.
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.