How to Use Ironclad for Digital Contracting

Want to know more about Ironclad? Here is everything you need to know.

Ironclad gives business and legal teams an easy-to-use platform to handle every aspect of the contract lifecycle.

What is Ironclad?

Overview

Ironclad Contract AI represents a novel approach to AI chatbots, enabling users to perform comprehensive contract analyses within their contract database via a user-friendly chat interface. This chatbot employs AI agents to manage intricate inquiries by dividing them into subtasks, executing these subtasks, and utilizing the outcomes to guide subsequent tasks sequentially until they reach a conclusive response. This approach differs from conventional natural language search methods that primarily utilize search agents to present a list of results. Ironclad sets itself apart by its capacity to analyze both metadata and contract documents, elevating its capabilities in contract analysis.

Rivet AI

Rivet, an open-source generative AI for visual programming environments, has played a pivotal role in accelerating the development of Ironclad. Rivet offers full transparency into Ironclad's analysis process and facilitates the collaborative development of intricate logic chains. Developers can create, test, iterate, and observe the execution of these chains in real-time, all within a fully remote environment.

Additional Features of Ironclad

Ironclad Insights

Ironclad Insights is a Contract Lifecycle Management (CLM) system with analytics and reporting capabilities. This versatile tool helps with tasks such as renegotiating vendor contracts, streamlining workflows, and forecasting financial aspects. By asking specific questions outlined in the guide, you can utilize Ironclad Insights to identify bottlenecks, optimize resource allocation, and enhance decision-making across various departments. Legal, finance, procurement, IT, and sales teams can all benefit from contract data in their unique ways, making it a powerful asset for managing spending and improving business processes. As you delve deeper into your CLM system, the possibilities for analyzing and leveraging contract data are boundless, providing significant value to your organization.

Ironclad Smart Detect

Contract metadata and redline edits rely on their currency for accuracy. As counterparties participate in negotiations, maintaining document version control becomes more challenging, necessitating manual updates and potentially introducing data discrepancies. To counter this, there is a beta feature called Ironclad Smart Detect that autonomously identifies potential document changes and prompts users to confirm them, thereby preserving data synchronization between documents and CLM systems without the need for manual tracking.

Application of Ironclad

Legal

• Automate contract redlining and review with Ironclad AI

• Templatize contract workflows with Workflow Designer

• Streamline contract collaboration with powerful integrations like Salesforce

• Convert standardized contracts into one-click agreements with Ironclad Clickwrap

Sales

• Streamline high-velocity deals

• Collaborate easily on complex deal cycles

• Unlock critical sales process insights

Procurement

• Speed up vendor agreement turnaround time with Ironclad AI

• Automate approvals and renewals and expedite vendor onboarding with Ironclad Clickwrap

• Standardize common buy-side agreement workflows and guidelines with AI Playbooks

Pricing

Ironclad has two types of pricing:

Flat rate software pricing has a set of prices for different tiers with different features and limits.

Custom software pricing is if you talk to a product expert communicate the scale and plans of the company, and settle on a customized plan.