Ivo launched a new suite of AI-powered contract review solutions designed to take an AI-native approach to reinventing contract lifecycle management systems (CLMs).
“CLMs were supposed to solve the problem of extracting true intelligence from contracts, but have overpromised and underdelivered,” says Min-Kyu Jung, co-founder and CEO of Ivo. “We’re solving the knowledge problem. Legal teams don’t need another static system of record. They need intelligence at their fingertips — contextual, instant, and deeply reliable.”
Key takeaways:
· Repository allows users to build dashboards of their contracts with custom AI-populated columns, surfacing key business and legal insights in minutes. Repository uses Ivo’s proprietary AI Repository Engine (AiRE) to automatically cluster related documents such as amendments to an underlying master agreement; and calculate and display the degree to which agreements deviate from standard template positions.
· Assistant enables legal and business teams to query tens of thousands of contracts using natural language and receive accurate, comprehensive answers regardless of where those files are stored. With AiRE, Assistant is capable of answering complex questions like “Which of my customer contracts have bespoke data security requirements?” which require true intelligence and a knowledge of how and to what extent contracts deviate from standard positions.
· Repository and Assistant connect directly to platforms like Google Drive, SharePoint, and even on-premise systems. In addition, Ivo Assistant will work with Ivo’s Microsoft Word add-in tool, automatically surfacing recommendations during contract negotiations based on historically negotiated contracts.
