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Whenever contracts are sent to CXOs, legal or finance teams for their approval or signatures, they are interested to know if a certain language is present or absent in the contract. This helps them to understand the nuances of the contracts, viewpoints of various stakeholders, etc. and they can quickly take an informed decision.
With this release,
To configure generating contract highlights from an agreement:
Note: Allow Document Assembly must be set to Yes.
To add the created Associated Document Contract Type to the Agreement Contract Type:
Note: Both the contract highlights attributes (Contract Highlight Terms and Contract Highlights) must be tagged within the template.
Note: The Event selected must be any other than Agreement Created, for example Agreement Published.
Note: There are no changes to the existing Agreement workflow while configuring and generating the contract highlights.
To upload Agreements in bulk:
1. Click the Agreements tile. The Agreement Management page opens. Let us take an example of an Agreement Contract Type (CT1) that should have already been created and published.
2. Click the Bulk Upload tile. The Bulk Upload page opens.
3. Enter the Request Name.
4. Click the Select Batch File button to select the file for a bulk upload. In this example, we are selecting the LegacyBulkUpload.zip file.
5. Click the Submit button. The File Uploaded Successfully message is displayed.
6. Click OK. The file is now displayed in the Grid view with the status Not Started.
7. Click Refresh icon twice. On first Refresh, the Status changes to In Progress and then to Needs Validation.
8. Select an Actions radio button for the file that you want to finalize. The Validate and Finalize buttons are enabled.
9. Click the Validate button to download the PopulatedData.xlsx file. The values of the Attributes can be edited in this file.
Note: The data in the Excel sheet that is marked green signifies the highest confidence level, data in yellow indicates medium confidence level and data in red indicates lowest confidence level. You can then make any changes to the Attribute values. (In this example, you can make changes to the Attribute value from the downloaded PopulatedData.xlsx file).
10. Click Save to save the changes.
11. Click the Finalize button, the PopulatedData.xlsx file can be uploaded. The Finalized File Uploaded Successfully message is displayed.
12. The Needs Validation status changes to Completed.
13. Click the Agreements tile to view the Agreements which will be in the Draft state.
Along with clauses and metadata, ICM also extracts tables (including information such as SLAs, price list, etc.) in Agreements and displays them on the Tables tab (on the Details page). ICM tries to match the discovered table(s) with the Associated Contract Types of the Agreement. If a strong match is found, then the table is tagged with that Associated Contract Type, and the table columns are also matched with the Attributes of that Associated Contract Type.
You can then take relevant action such as creating new instances of the Associations. Automatically recognizing table data inside the Agreements saves a lot of manual labor of identifying and tagging the data correctly.
The table discovery allows you to:
The table discovery in PDF agreements works well with:
The table discovery in PDF agreements may not work well with:
To discover tables in an Agreement:
1. Create an Agreement (Third Party Type Of Paper).
2. Ensure that the Clause Discovery functionality is turned On and the Contract Type is enabled for table discovery.
3. Create and Publish the Agreement. ICM automatically queues the Agreement for table discovery.
You can view all the discovered tables in an Agreement, so that you can review them and take actions as needed (based on whether they meet the criteria for creating an associated document or not).
1. Click the Tables tab on the uploaded Agreement Details page.
2. ICM displays a list of the Discovered Tables for that Agreement Document.
1. Click the Edit Table Name icon next the table that you want to edit. For example, Table 2.
2. Toggle the Has Header button toYes if you want the table to have a header.
3. Click inside the header box to add the header name. For example, PSE Workers, Term, etc.
4. Click inside each of the boxes to add data in the columns. For example, 3.0 (Version), 09 Sep, 2019 (Date Released), etc.
5. Click Save Changes to save changes if you want to review or edit them later. The Table data saved message is displayed.
6. Select the Association for which you want to create this data from the Select Association drop-down. For example, Payment Details.
7. A validation message is displayed to check if you want to save the updated data. Click Save to update the data in the table, else click Discard.
8. Select the checkbox for the rows and columns that you want to update.
9. Click Finish. A validation message is displayed informing you that you will not be able to make any changes to the table data after this.
10. Click Yes if you are sure that you want to update the table and proceed.
11. A message is displayed indicating that the table data is saved and the Associations are being created. Click Yes if you are sure that you want to update the table and proceed, else click No.
12. You can view the associations on the Associations tab.
13. Click View Record to view the details of the individual records.
14. You can take further action as needed. For example, send it for Approval.
You can create Associated Documents using the data in the discovered tables. You are basically discovering the Associated Document type and the columns associated with that document type.
To do so:
1. Click the Tables tab on the uploaded Agreement Details page.
2. In the Discovered Tables window when matching data is present, the exact Associations with that table are discovered. For example, the Payment Details are discovered. These are associated and the names of the header are also discovered.
3. You can select whether the table should have a header or not by enabling the Has Header flag to Yes.
By doing this, the first row of the table will be marked as the header and Associations will not be created for it. If there are 2 rows other than the header, then 2 Associations will be created. A green tick mark will be displayed next to them which means that they are successfully created in the Tables tab.
4. In the Discovered Tables window, make changes in the table as required. For example, select 3 rows and columns.
You can save the interim progress of the Table Discovery for an Agreement, so that you can review it later by:
1. Click Save Changes. The Table data saved message is displayed.
You can complete the Table identification for an Agreement, so that the identified tables become part of the Agreement.
1. Click Finish. A message will be displayed indicating that you will not be able to make any changes to the table data.
2. Click Yes if you are certain that you want to make the changes, else you can save changes and review them later.
3. Click the Associations tab to see the Associations that are discovered, as shown in the screenshot below:
4. Click the Payment Details association to view the details and send for approval.
5. Click Export to Excel if you want to export the table that has been discovered.
Note:
ICM already leverages the DiscoverAI app to discover attributes, clauses, tables and obligations in agreements created using third party paper type.
Now, ICM has extended the support to discover attributes, clauses, tables and obligations in agreements created using own paper type, and tagging the attributes and clauses to the original agreement document. This helps convert unstructured documents into structured agreements, making it easier to manage and also increase compliance.
Note:
To discover attributes, clauses, tables and obligations using own type of paper:
1. Create an agreement using Own Type of Paper.
2. Click Next. The Attributes page opens.
3. Select Discover AI from the Clause Discovery Type drop-down and ML based from the Obligation Discovery Type drop-down.
4. Click Next. The Select Template page opens.
5. Select a template or upload a file.
6. Click Next.
7. Click Create and Publish. The agreement Details page opens.
All non-tagged attributes, clauses, tables (if present in the agreement document) and obligations (if you select the value in the Obligation Discovery Type drop-down) are discovered.
1. Click the Attributes tab.
2. Click Save to confirm the attributes. You can also modify the discovered attribute values by clicking the View potential matching values icon and then click Save.
3. The Metadata Save Confirmation message is displayed.
4. Click the Versions tab.
5. Download the latest version of the agreement in Word format. The discovered attributes are tagged as ICM attributes in the agreement document, as shown in the screenshot below:
1. Click the Clauses tab. The discovered clauses are displayed.
2. Take actions (such as Confirm, Confirm with Deviation, Ignore, Review Later) on the discovered clauses.
3. Click Finish to complete the review process, as shown in the screenshot below:
4. Click the Versions tab. A new version of the agreement is created in both Word and PDF formats.
5. Download the latest version. The confirmed clauses are tagged as ICM clauses in the agreement document.
Note:
Previously, discovering attributes and clauses in customers’ agreement documents was time consuming as it required retraining of the algorithms from scratch, causing delay in deployment of services.
Now, ICM has an inbuilt discovery model that helps to automatically extract and discover the most common attributes and clauses in agreements besides enhancing clause delineation in third party contracts. This facilitates the prediction of accurate clause categories and capturing the right metadata within clauses. This improves contract turnaround time and quality of results, thus leading to improved user experience.
The inbuilt discovery model supports the discovery of the following predefined attributes and clauses in any MSA, NDA and SOW third party paper contract types:
Note: The Contract Value attribute supports the following currencies - USD, CAD, EUR, INR and CAN
1. Create an agreement using Third Party Type of Paper.
2. Click Next. The Attributes page opens.
3. Upload a file and click Next.
4. Click Create and Publish. The agreement Details page opens.
The most common attributes and clauses from the agreement document that you uploaded in Step 3 are discovered and displayed in the Attributes and Clauses tab, as shown in the screenshots below for Attributes and Clauses respectively:
Attributes:
Clauses:
Related Topics: Agreement Management | Obligation Management | Managing US Federal Contracts using ICM | Contract Digitalization | NegotiateAI | ObligationAI | VisualizeAI
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