Purpose of Contract Capture
Contract Capture is the nextAI functionality within Contract Management that automatically analyses contract documents and extracts contract data. After uploading a contract document (PDF), nextAI extracts relevant data points - such as the contract name, dates, notice periods and other relevant data points from the contract - and automatically pre-populates them in the contract form where the contract fields are located. The user reviews the extracted data and confirms or adjusts it before the contract is saved.
In addition to data extraction, nextAI offers the option to compare an uploaded contract document with the internally registered standard accepted purchasing terms and conditions through a Terms and Conditions analysis. The results provide insight into clauses, risks and deviations from the organisation's own terms and conditions.
Contract Capture is intended for contract managers and other users who create new contracts and edit or manage existing contracts within Contract Management. It ensures greater consistency in completing contract records, increases the amount of data that can be recorded in the system because manual actions are significantly reduced and, if the functions within Contract Management are separated within an organisation, ensures that no data is lost when registering the agreement.
In this topic
- Access and permissions
- Data extraction and supported files
- Prompts and field configuration
- Creating a new contract
- Best practices
Summary
- nextAI - Contract Capture analyses uploaded contract documents and automatically fills in contract fields.
- Supported file types are PDF (text and image).
- Customer prompts can be configured for free-text fields through the contract settings.
- Manual adjustment of extracted data is always possible.