Claira has added automated contract amendment & restatement to its leading next-gen financial agreement AI platform. Claira not only accurately categorizes IBOR contract terms but will now insert industry-recommended or custom language to reduce contract negotiation and remediation timelines.
NEW YORK (PRWEB) October 06, 2020
Claira LLC (http://www.claira.io), creator of the industry’s leading financial contract understanding technology, is excited to announce its latest development — automated contract amendment and restatement. Now, Claira will create MS Word versions from your signed and executed PDF contracts with industry-recommended or custom language inserted as tracked changes. This innovation is in addition to Claira’s leading contract-understanding LIBOR solution that immediately understands and assesses the impact of LIBOR transition. With this latest development, Claira provides an end-to-end solution to accelerate and complete LIBOR contract negotiation and remediation.
With LIBOR referenced in a wide variety of agreements, many of which are bespoke contracts underpinning key financial transactions, it is the responsibility of the involved financial institutions to amend these agreements to ensure a smooth transition to the post-LIBOR world. Claira assists in bringing speed and agility to your response through automation. Claira is pre-trained and ready to go! Just drag & drop your documents or point Claira to your contract repository to immediately analyze and categorize contracts for remediation. For agreements requiring amendment, Claira now automates contract amendment and restatement by inserting industry-recommended or custom language directly into the signed and executed agreement. No document training or setup necessary. No need to organize or sort through different files and versions of agreements. Claira’s pre-trained algorithm provides an end-to-end solution to accelerate LIBOR contract negotiation and significantly reduce LIBOR negotiation and remediation timelines.
“Markets may be underestimating the complexity of the transition efforts as LIBOR underpins a host of bespoke commercial loans and securitized assets,” notes Eric Chang, Claira Co-Founder and Head of Product Development. “At Claira, we’ve developed next-gen AI to specifically resolve client pain-points — not generic AI you have to train to find answers. Out of the box, Claira is pre-trained to understand your financial agreements. Claira immediately determines LIBOR cessation impact embedded in your contracts and will automatically generate draft amendments — enabling you to complete your LIBOR transition quickly, smoothly, and more efficiently.”
For more information on Claira’s LIBOR transition solution, visit http://www.claira.io/libor-remediation.
CLAIRA’S COMPREHENSIVE SOLUTION
Claira’s legal AI solution provides a unique approach — combining computational linguistics and sentence-level, deep-semantic parsing enabling a higher level of understanding and greater accuracy in the use of advanced data science to read and understand financial documents.
Claira’s comprehensive solution includes the best-in-class ability to:
- Analyze & identify all contracts affected by the IBOR transition
- Highlight each section affected in every document for transparency & traceability
- Insert standard or custom language into the executed PDF document as MS Word tracked changes
- Collaborate via transparent, electronic workflow to review, finalize & approve amended agreements
- Provide marked and clean amended and restated agreements for distribution to stakeholders
Claira automates manual document review and categorization of contracts referencing LIBOR. With Claira's latest advancement of automated document amendment and restatement, clients will significantly reduce their LIBOR transition timeline and effort — enabling them to focus on key business processes, not manual document preparation and restatement.
Visit http://www.claira.io/technology for more information on Claira’s Contract Amendment Generation.
Claira LLC (http://www.claira.io) is a leading next-gen AI company specializing in legal contract understanding. Built using advanced data science to reveal the underlying logic trapped in financial contracts, Claira is pre-trained to comprehend legal language — providing faster, deeper, and more actionable results with full transparency and traceability in its decision making. No document training, setup, or installation is required. Claira can be accessed from any web browser or locally installed in a client’s data center. Claira scales across any number or type of documents to provide remediation for LIBOR and dozens of other actionable insights. Claira is ready to assist clients directly or partner with firms (law, consultancy, advisory, etc.) to service their clients by way of white-labeled deployment options.
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