LexCheck: Contract Negotiations Made Easier

Ever since the days of the barter system, negotiating an agreement/contract between two parties has been a herculean task, which more often than not, requires intermediaries to oversee multiple obligations relevant to the negotiation. As a result, the attorneys’ role in streamlining such negotiations has grown in importance, requiring them to take on an ever increasing load of steering through complex legal obligations, documentation processes, and other manual tasks that hinder productivity and operational efficiency. Fortunately, automation and artificial intelligence (AI) offer an eventful avenue to relieve these pressures and accelerate contract negotiations.

Typically, training AI algorithms requires large data sets for real-world applicability, and as a result, utilitarian solutions for legal and contractual negotiations has remained a challenging endeavor in the past. Addressing these shortcomings, New York-based LexCheck’s platform has effectively transformed contract negotiation by providing attorney-level functionalities to its clients through its AI-based technology stack. “Our platform automates the entire negotiation process, offers accurate markups and redlining features, and ensures consistency by following the legal playbook for contract negotiation for each specific organization,” says Gary Sangha, the CEO of LexCheck. Essentially, employing LexCheck’s platform could be compared to retaining an attorney of a client’s legal team that exclusively negotiates agreements for their company, servicing their needs 24/7.

Teaming up with leading AI specialists from academia, LexCheck has developed an all-encompassing solution with a judicious blend of its proprietary technology and open-source AI solutions. As every organization’s legal approach is different, the platform is adaptable and can be seamlessly customized as per the client’s legal requirements. Although the platform is pre-equipped with the best practices for common contract types, LexCheck’s specialist team can tailor the platform according to the organization’s legal practices using as few as 24 examples of the organization’s previously negotiated agreements. Users of the system can email their agreements directly to LexCheck’s secure cloud service or even integrate directly with their contract lifecycle management systems. These documents are returned to the user, complete with automated redlining, legal guidance, and other suggestions in just a few minutes.

LexCheck’s platform has significantly advanced the art of the possible for legal automation, and its capabilities have played a significant role in improving the bottom-line of their clients’ business.