In this tutorial, we'll explore how AI can help you review contracts and spot key clauses.

By using AI, you can make the contract review process faster and more thorough.

We'll walk you through the steps of inputting a contract, identifying important clauses, understanding these clauses, and getting an opinion and recommendations.

Key Objectives:

1. Learn how to input a contract into AI for review.
2. Find and extract key clauses from the contract.
3. Simplify and explain complex legal terms.
4. Get a risk assessment and recommendations based on the contract review.

Introduction to contract review

Let's start by giving the contract to ChatGPT. Here, I'm attaching the contract in a PDF format, but you can totally copy/paste its content into the chat.

Prompt:

I have a contract that I need to review. Can you help me identify and analyze key clauses? I attached it to this message.

Identifying key clauses

AI can help you find and extract key clauses from the contract. This step ensures you have all the important sections highlighted for further review.

Prompt:

Based on the contract text and the context provided, please identify and extract key clauses such as termination clauses, payment terms, and confidentiality agreements.

Understanding and explaining key points

Understanding the key clauses is crucial. AI can simplify and explain these clauses, making complex legal terms easier to understand.

Prompt:

Can you explain the meaning and implications of the identified key clauses? Please simplify any complex legal language and provide a summary of critical points.

Providing an opinion and recommendations

Finally, AI can give you a risk assessment and recommendations based on the reviewed contract. This helps you spot potential issues and suggests any needed changes.

Prompt:

Based on the review and explanations provided, can you highlight any potential issues or areas of concern? Also, please provide recommendations for any modifications or additional clauses that may be needed.