Why is Planet Data in the Contract Analysis space?
Planet Data has been in the data management market since 2001 and has focused on the legal discovery sector. Planet Data’s multi-patented technology platform, Exego, was designed to process (extract text and meta data within each document) and analyze hundreds of complex document types that arose in discovery, including contracts. We decided that, based upon client requests, there was more functionality that could be added to Exego to help our clients better perform their contract analysis.
The new features, created by our internal development team, form the basis of Exego™ Intelligence and include searching not only by the entire contract, but by the clause/paragraph which increases the effectiveness of the search; organizing similar or identical contracts, paragraphs and clauses; track language differences and missing clauses; custom coding fields for tagging important information instead of a manual log; and flexible reporting.
Is Exego™ Intelligence a contract management system?
No! Exego™ Intelligence complements traditional Contract Management Systems by providing a set of search and analysis features not commonly found in Contract Management Systems.
How can Exego™ Intelligence find specific information within a contract without having to read the entire document?
Exego™ Intelligence has a unique capability that deconstructs contracts at a paragraph/clause level. It accurately pinpoints the specific areas of interest or concern without having to read the entire contract.
Searching across clauses/paragraphs makes all searching much more effective than searching across an entire contract. For example, if the user was looking for a clause that had “mutual indemnification” and “damages”, Exego™ Intelligence will find those clauses. In other platforms, that search would find the entire contract that has those terms anywhere in the document, which will greatly increase the number of false positives and result in a time-consuming review.
How does contract analytics differ from traditional eDiscovery analytics?
Traditional eDiscovery analytics typically uses Latent Sematic Indexing (LSI) and standard near deduplication that do not take into account constrained topic space of contract language. Exego™ Intelligence combines the ability to auto-detect clauses and paragraphs along with advanced Natural Language Processing to significantly improve both conceptual and textual similarity matching at both the contract and clause/paragraph level. This greatly increases Exego™ Intelligence’s ability to find specific legal language across contracts, including language that is significantly different in its choice of words.
Why is it important to have properly “processed” contracts to perform contract analysis?
Contracts are created in Word, PDF, etc. and in many instances, hardcopy contracts are scanned and saved as a PDF. Exego™ Intelligence extracts all of the text and metadata so that the contract is completely searchable and goes further by providing the clauses and paragraphs as logically presented during searching
How are PDF documents with non-searchable text processed?
Planet Data has developed a workflow utilizing advanced Optical Character Recognition (OCR) technology to ensure the text is searchable. Although OCR technology has been in existence for decades, our approach manages the challenges of contracts with multiple columns of text, poorly scanned third-party contracts, etc. Without this approach, the text would not be available for searching and the client could miss critical data during their analysis.
What are the areas best suited for Exego™ Intelligence?
- Contract Review, Summarization & Analysis
- Third Party Contract Risk Assessment & Reduction
- Data Privacy & Security Audit
- Mergers & Acquisitions / Pre & Post Merger Due Diligence
- Corporate Governance, Regulatory & Compliance (GDPR)
- Bankruptcy, Employment, Real Estate, Insurance
- Contract Management System migration