Lexical Labs offers Tiro, an AI-driven contract review platform that utilizes deep learning and logic-based algorithms to automate the review of inbound contracts against user-defined policies. This technology significantly reduces the time and cost associated with contract intake and negotiation, while enhancing risk assessment and compliance for legal and contract management teams.
Funding
Funding not disclosed
Founders
Product
Problem
Legal and contract management teams face challenges in efficiently reviewing and negotiating inbound contracts, leading to increased time and costs, potential risks, and compliance issues. Manual contract review processes are often slow, prone to errors, and can delay business operations.
Solution
Lexical Labs offers Tiro, an AI-powered contract review platform that automates the analysis of inbound contracts against user-defined policies and playbooks. By leveraging deep learning and logic-based algorithms, Tiro accelerates contract intake, negotiation, and finalization. The platform summarizes key clauses, identifies risks, and extracts metadata, providing legal and contract management teams with a comprehensive risk assessment. Tiro integrates with existing document environments and offers a MS Word add-in and web app for accessibility. The platform enables business self-service by empowering business teams to finalize routine contracts without specialist involvement.
Target Audience
Tiro is designed for legal and contract management teams, sales and procurement teams, risk managers, and small business managers who need to streamline contract review and negotiation processes.
Features
- Automated contract review against user-defined policies and digital checklists
- AI-powered summarization of key contract clauses
- Risk scoring and reporting with customizable watch points
- Automated precedent search and clause library integration
- Extraction and export of contract metadata
- Integration with GPT and large language models (optional)
- Analytics on executed contracts for post-sign management
- MS Word add-in and web app accessibility
- Integration with e-signature platforms