Every single day, I speak to General Counsel and in-house lawyers who are spending too much time reviewing highly standardised contracts like NDAs. Time that could be spent on higher value work.

So, why not empower colleagues from across the business to do the first pass instead? Enter: Luminance Self-Serve!

This latest AI-powered feature enables non-legal teams such as Finance, Sales or Procurement, to negotiate and amend third party contracts in line with internal standards, helping to reduce the burden on legal teams and accelerate time to signature.

Let’s imagine I’m in the Sales division at a multinational organisation. I’ve just received an NDA from a prospective customer which I need to get reviewed and signed as soon as possible so I can make the most of my end of quarter offers. Typically, I would forward this contract to my legal team for review, but given this is a fairly low-value contract and we’re getting towards end of month, legal resource is currently focused elsewhere. It could take me days to achieve sign-off. But now this all changes with Luminance Self-Serve.

Self-Serve uses our proprietary, ‘legal-grade’ AI to instantly highlight potential risks in counterparty contracts. In just three simple steps, I can get this contract reviewed and ready for signature, without having to burden my legal department.

Step 1: I upload the NDA into Self-Serve and Luminance’s AI gives me an instant summary of any risks present within the contract. As Luminance already knows my business’s standard positions, it can show me exactly which clauses deviate from our internal standards. Luminance instantly displays the results of this AI-powered analysis back to me via an intuitive interface, making it easy for any business user from any department to achieve insight into their contract.

Step 2: Now, it’s easy for me to see the parts of the contract that need amending, as Luminance has highlighted the terms that my business never normally agrees to in red. For example, you can see below that my business does not agree to this Governing Law and the Indemnity and Assignment terms are unacceptable. Luminance’s AI will suggest alternative, compliant wording which can be applied with the simple click of a button. Importantly, these suggestions employ previously agreed language that has been approved by my legal team, so my business is safe in the knowledge that I’m operating in line with organisational standards.

Step 3: After I’ve applied the necessary changes, I can open up my document in Word to see that these tracked changes have been made! This third-party NDA is now fully compliant with our company standards and is ready to be sent back to my counterparty. Alternatively, if the contract is in need of further review, I can quickly and easily escalate it to the legal team from within Self-Serve.

Interested in seeing Luminance Self-Serve in action? Click here