Ontra launches contract negotiation tool
Ontra has launched Ontra Synapse, an AI tool that should speed up contract negotiations while decreasing their associated costs.
According to the company, the tool’s features include:
- Assessing an agreement’s complexity
- Scanning for relevant precedent
- Summarising contracts and analysing terms
- Integration with Ontra’s various SaaS offerings.
Ontra further stated that the tool speeds up contract negotiations by up to 50% and decreases their costs by up to 68%.
To facilitate this, it anonymises and aggregates the data gathered from the agreements Ontra has processed. It then feeds the data into a series of proprietary AI models, which should be tailored to address specific aspects in private equity.
The AI-generated output is validated by lawyers and paralegals, who in turn train Ontra’s Synapse models to increase the speed and accuracy of the AI’s output.
The company additionally stated that customer preferences are taken into account, derived from a client’s contract playbook and precedent agreements.
“In our industry, firms don’t want wild promises. They want responsible vendors, real technology and proven impact,” said Gianluca Rossi, director of machine learning at Ontra. “We’re able to deliver across all of those fronts thanks to our massive dataset and proprietary models. Our experience comes from nearly a million negotiations involving the world’s most sophisticated global financial institutions. And our models are built on incredibly detailed contract anatomies that encompass every potential clause that a document may contain.”
Neal Kalechofsky, VP of alternatives at AllianceBernstein, added: “In the three years we’ve partnered with Ontra, itsr Insight solution has helped to ensure we’re in compliance with all of our contract obligations. We’re incredibly pleased with Ontra’s use of cutting-edge technology to deliver legal solutions optimised for quality, speed and low cost. Adding AI into the mix with Ontra Synapse is another win for a company with a long track record of innovation.”