SAN MATEO, Calif., July 23, 2020 (GLOBE NEWSWIRE) -- Evisort, the leading AI-powered contract-management company, today announced the launch of Evisort Contract Workflow, a new module for the industry-leading Evisort platform. Evisort Contract Workflow automates the entire contract drafting, approval and negotiation process, dramatically reducing time to signature and ensuring contracts are compliant from day one.

The launch comes at a time when businesses find themselves under intense pressure to move fast and close deals, while their contracting processes are as slow and inefficient as ever. Multiple versions of contracts circulate freely over email, and no one is sure who needs to approve what. Mistakes are common, time-consuming and costly.

Evisort Contract Workflow transforms this entire process. It provides a single unified platform for collaborating, communicating, reviewing and approving contracts, so nothing gets skipped and nothing gets lost. Businesses can now quickly submit time-sensitive documents to their legal, contract, IT, sales and procurement teams while maintaining 100% visibility into approvals, automatically routing contracts to the proper stakeholders and tracking their input.

Key features of Evisort Contract Workflow include:

• Automatic contract creation: Instantly create new contracts from legal-approved templates
• Risk identification and recommendations: Identify risks automatically; Evisort’s AI flags problematic passages and suggests amendments based on preset standards (premium module, initially available for enterprises)
• Contract management dashboard: Assign approvers based on different conditions and terms and review all contracts pending signature at a glance
• In-platform collaboration and communication tools: Automatically track redlining and approval workflows and collaborate with your counterparties, all on one centralized platform to keep all departments on the same page
• E-signature support: Sign right from Evisort, no need to download and move documents to a different platform
• Seamless integration with Evisort Contract Management: Automatically transition completed documents to Evisort contract management to track obligations, analyze performance and quickly find contracts as needed.
  

With the launch of Evisort Contract Workflow, the Evisort platform automates the entire lifecycle of a contract, from the initial request to drafting, review, signing, storage, discovery and renegotiation.

Evisort Contract Workflow works hand-in-glove with Evisort’s core AI product, Evisort Contract Management, which is trained on over 10 million real-world documents to identify over 230 common types of contract and over 50 key clauses, dates and types of metadata, regardless of format, out of the box—no training required. Legal staff can quickly build templates and workflows in Evisort Contract Workflow by searching for relevant clauses in existing contracts using Evisort Contract Management. This unique end-to-end functionality speeds up contract creation, ensures contracts start on your terms and conditions and keeps rework to a minimum.

For businesses, it all adds up to the ability to quickly negotiate agreements, cut costs and size revenue opportunities.

Customers with early access to Evisort Contract Workflow have seen immediate results.

"Evisort provided us with an automated and efficient contract creation process, eliminating the need to manage and publish templates. Our end users can self-serve, have the confidence that the digital contract they are creating contains the latest compliant T&Cs and most importantly, be able to generate and submit a digital draft to the customer in minutes vs. days," said Aaron Gass, Director, Contracts and Commercial Management, Microsoft Corp.

“Contracts are the lifeblood of any company,” said Evisort CEO Jerry Ting. “In times like these, you have to be able to sign deals fast, get the terms right and understand what’s in the contracts you’ve already signed. Evisort provides the visibility businesses need to identify the opportunities and risks in their contracts—and act on them.”

About Evisort
Founded in 2016 by Harvard Law and MIT researchers, Evisort leverages artificial intelligence (AI) to help businesses categorize, search and act on business-driving documents of any type. Evisort’s best-in-class AI understands meaning and context in legal language, eliminating the need for manual data entry and parsing of contracts or business documents. The company is backed by leading strategic and institutional investors including Vertex Ventures, M12, Microsoft’s venture fund, Amity Ventures, Village Global and Serra Ventures. Headquartered in Silicon Valley, more information on Evisort can be found at Evisort.com. Follow @Evisort on Twitter, Facebook, Medium and LinkedIn.

Media Contact:
Chris Ulbrich
415 848 9175
evisort@firebrand.marketing