Smart Data Capture (SpotDraft AI)

Learn how Smart Data Capture utilizes AI to swiftly extract contract metadata fields and get concise summaries with justifications.

What is Smart Data Capture?

Smart Data Capture, powered by SpotDraft AI, simplifies the process of extracting key data from your contracts. It utilizes advanced large language model (LLM) and OCR technology for automated data analysis and extraction.

This feature not only streamlines the extraction process but also enhances the searchability of your documents, making it easier to manage executed contracts and other documents within your workflow.

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Each document should adhere to the following criteria: its size must not exceed 30 megabytes, and it should have one of the accepted file extensions, which include .pdf.

How to extract key pointers from executed contracts with Smart Data Capture

To extract key pointers from your contracts with Smart Data Capture, follow these steps -

Step 1

Access your SpotDraft dashboard and click on the 'New Workflow' button.

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Step 2

Select 'Import Executed Contracts' to upload your desired contract from your computer.

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Step 3

Opt for 'Smart Import' to enable Smart Data Capture and proceed.

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SpotDraft AI will automatically scan and extract key pointers when you choose Smart Import.

Step 4

Upload an executed contract from your computer, or drag and drop PDF files to proceed.

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Note: You can upload a maximum of 200 contracts at once.

Step 5

Select the contract type from the dropdown and click on ‘Upload’.

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Accessing the AI-extracted key pointers

  1. Go back to your SpotDraft repository and open the recently uploaded contract. You can find the extracted key pointers on the bottom left of your ‘Summary’ screen.
  1. Go to the ‘Key Pointers’ section on the Summary page of your recently uploaded contract to view the extracted key pointers.
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How to extract key pointers from various contract types with Smart Data Capture

To extract key pointers from contracts at any stage of the lifecycle, follow these steps -

Step 1

Go to your SpotDraft dashboard and select a contract from any stage, such as executed, redlining, or in signing stage.

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Step 2

Go to the ‘Key Pointers’ tab of the Contract view and click ‘Extract Data’ to extract critical data using SpotDraft AI.

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How to add AI-suggested key pointers to your contract

Smart Data Capture not only extracts key pointers but also provides AI-based suggestions.

Follow these steps to incorporate them into your contract -

Step 1

Open the uploaded contract and switch to the 'Contract' section.

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Step 2

Open the ‘Key Pointers’ section on the tooltip strip to view the extracted key pointers.

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Step 3

Click on an extracted key pointer and choose 'Smart Finder Recommendations.'

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Step 4

To add the AI-suggested key pointer directly to the contract, click the (✅) symbol. This places the key pointer in the corresponding contract section.

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Step 5

Alternatively, you can add your own key pointer by clicking on ‘Create Key Pointer’ and saving it. You can also ask SpotDraft AI to generate descriptions for the newly added key pointer.

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Note: SpotDraft AI will warn you and prevent you from adding a wrong key pointer that isn't relevant to your contract.

Supported Contract Types

SpotDraft supports any contract type, including employment agreements, non-disclosure agreements (NDA), service-level agreements (SLA), partnership agreements, void contracts, and more.

Verifying AI-Extracted Key Pointers

While SpotDraft AI provides accurate key pointers, it's essential to verify them for accuracy. Verification ensures accurate reports and search results without errors.

The 'Verify All' feature simplifies this process -

Step 1

Open the uploaded contract and switch to the 'Contract' section.

Step 2

Open the Key Pointers section on the tooltip strip to view the extracted key pointers.

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Step 3

Click on the 'Verify All' button to validate all extracted key pointers. Alternatively, you can manually verify the extracted key pointers as well.

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What are Smart Finder Recommendations?

Smart Data Capture uses SpotDraft AI to carefully analyze the contents of your contracts and provide accurate recommendations to eliminate errors.

SpotDraft AI utilizes advanced large language models (LLMs) to extract important information from your uploaded contracts, ensuring the highest quality recommendations.

Smart Finder Recommendations displays these suggested key pointers along with the contract reference and a clear explanation, making it easy to review.

You have the option to either accept the recommendation or manually add a relevant key pointer after verifying its accuracy.

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Please note that SpotDraft AI provides warnings if you attempt to add an irrelevant key pointer to your contract, preventing you from including it.

What are metadata descriptions?

AI-metadata descriptions in contracts involve the application of artificial intelligence (AI) and machine learning technologies to automatically generate or extract metadata from contract content.

This metadata offers a structured representation of the contract's content, simplifying tasks such as management, search, analysis, and retrieval of contract data.

Here are key aspects of AI-metadata descriptions in contracts -

  1. Data extraction: AI employs natural language processing to extract specific details like names, dates, and clauses from contracts.
  1. Metadata generation: Once the relevant data is extracted, AI systems can generate metadata tags or labels for each extracted element. For example, if a contract contains a date, the AI system can generate metadata that identifies it as the "contract effective date."
  1. Search and retrieval: With AI-metadata descriptions, users can search for specific contract terms or clauses more efficiently. They can use keywords or metadata tags to quickly locate relevant contracts or specific sections within contracts.
  1. Efficiency and accuracy: By automating the extraction of contract data, AI-metadata descriptions improve the efficiency of contract management and reduce the risk of manual errors.
  1. Data analytics: Contract metadata can be aggregated and analyzed to gain insights into contract performance, supplier relationships, and other relevant business metrics.

How to edit key pointer descriptions manually

To edit the key pointer descriptions manually, follow these steps -

  1. Go to ‘Manage’ > ‘Key Pointers’ from your SpotDraft dashboard
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  1. Select the contract type
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  1. To edit the key pointer description, simply click on ‘Edit description’
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  1. Add your own description in the provided box. Alternatively, you can ask SpotDraft AI to generate a description
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Types of metadata properties that can be detected

SpotDraft AI detects 1,000+ properties, the out-of-the-box. The two different property types are -

  1. Contract field: A contract field is a variable element in a contract, like names or amounts, customized for each agreement.

Examples of contract fields include names, addresses, dates, monetary amounts, product descriptions, and any other variable information specific to a particular contract.

  1. Clause: A clause is a specific section in a contract that outlines terms, obligations, and rights, such as confidentiality or dispute resolution.

Common types of clauses include indemnification clauses, confidentiality clauses, termination clauses, dispute resolution clauses, and governing law clauses.

AI Detected Contract Fields

DESCRIPTION
TYPE
Alphanumeric text input  Used for names, addresses, or general text info.
String
Longer text input for descriptions or terms. Often used for detailed explanations in contracts.
Paragraph
Calendar date entry for deadlines or durations. Specifies important dates like contract start or end.
Date
Time period (days, months, years). Defines the length of agreements within contracts.
Duration
Monetary amount input with currency type. Records prices, fees, or financial obligations.
Currency
Binary choice for agreement or compliance. Easily indicates acceptance of terms.
Checkbox
Select from predefined options. Useful for choices like payment methods.
Dropdown
Select multiple options from a list. Allows for selecting various categories.
Multi- dropdown
Numeric input for quantities or percentages. Records numerical data within contracts.
Number

Basic table of key pointers detected by SpotDraft AI

Key Pointers
Contract Types
Agreement Titile
All
Client
All
Counterparty
All
Client d/b/a
All
Term Length
All
Execution Date
All
Effective Date
All
Expiration Date
All
Payment Term
All
Payment Frequency
All
Amount
All
Termination Notice Period
All
Notice Period for Renewal/Non- Renewal
All
Governing Law
All
Jurisdiction
All
Arbitration Venue
All
Place of Execution
All
Post Execution Status
All
Publicity
Non- Disclosure Agreements
Type of NDA
Non- Disclosure Agreements
Confidentiality Period
Non- Disclosure Agreements
Billing Frequency
Master Service Agreements
Frequency of Payment
Master Service Agreements
Subscription End Date
Master Service Agreements
Total Subscription Fees
Master Service Agreements
Subscription Start Date
Master Service Agreements
Total Users
Master Service Agreements
Activation Date
Master Service Agreements
Contact Name
Master Service Agreements
Contact Email
Master Service Agreements
Contact Phone Number
Master Service Agreements
Notice Address
Master Service Agreements
Name of the Application
Master Service Agreements
Product Name
Master Service Agreements
Maximum Hike (%)
Master Service Agreements
Notice Period for Termination for Convenience
Master Service Agreements
Notice Period for Termination for Cause
Master Service Agreements
Annual Compensation
Employment Agreements
Performance Bonus
Employment Agreements
Joining Bonus
Employment Agreements
RSUs
Employment Agreements
Employment Position
Employment Agreements
Reporting Manager
Employment Agreements
Employee's Title
Employment Agreements
Employment Start Date
Employment Agreements
Non-Solicitation Period
Employment Agreements
Employee ID
Experience Letters
Employee Termination Date
Experience Letters
Excluded Territories and Customers
Reseller Agreements
Reseller Name
Reseller Agreements
Anti-Plagiarism Policy (Link)
Platform Services Agreements
Nationality
Platform Services Agreements
Fee (per word)
Platform Services Agreements
Fee
Platform Services Agreements
Special Categories of Data
Data Processing Agreements
Subprocessor change on objection in
Data Processing Agreements
Audit Notice Period
Data Processing Agreements
Options vest on the expiry of
Data Processing Agreements
Option amount
Data Processing Agreements
Approved Subcontractors
Data Processing Agreements
Categories of personal data
Data Processing Agreements
Categories of data subjects
Data Processing Agreements
Activities relevant to the transfer
Data Processing Agreements
Supplier's data privacy contact for notices
Data Processing Agreements
Subject matter of processing
Data Processing Agreements
Special categories of personal data
Data Processing Agreements
Supplier's business activities
Data Processing Agreements
Data processing activities for personal data
Data Processing Agreements
Attention
Data Processing Agreements
Email
Data Processing Agreements
Arbitration Seat
Data Processing Agreements
Drug Screening
Background Verification MSAs
Reference Check
Background Verification MSAs
Client Attention Email
Background Verification MSAs
ID Verification
Background Verification MSAs
Address Verification
Background Verification MSAs
Fee for Employment Verification
Background Verification MSAs
Criminal Check
Background Verification MSAs
Employment Verification
Background Verification MSAs
Criminal record verification fee
Background Verification MSAs
Drug screening fee
Background Verification MSAs
Education verification fee
Background Verification MSAs
Reference verification fee
Background Verification MSAs
Employment verification fee
Background Verification MSAs
Address verification fee
Background Verification MSAs
Reference verification fee
Background Verification MSAs
Agency Contact Email
Advertiser IOs
Campaign Name
Advertiser IOs
Payment Term
Advertiser IOs
Agency Contact Name
Advertiser IOs
Agency Finance Contact
Advertiser IOs
Campaign End Date
Advertiser IOs
Campaign Start Date
Advertiser IOs
Agency Finance Contact Email
Advertiser IOs
Partner's Primary Contact
Influencer Agreements
Payment Term (Days)
Influencer Agreements
Platform
Influencer Agreements
Format
Influencer Agreements
Territory
Influencer Agreements
Minimum Target
Influencer Agreements
Contact Information
Influencer Agreements
Payment Method
Influencer Agreements
Contact Person
Influencer Agreements
Minimum Impressions
Influencer Agreements
Platforms
Influencer Agreements
Local Currency
Influencer Agreements
Email of Customer Success Lead
Enterprise Service Agreements
Email of Customer Success Manager
Enterprise Service Agreements
Customer Success Manager's Email
Enterprise Service Agreements
Customer Success Lead's Email
Enterprise Service Agreements
Fixed payment term
Enterprise Service Agreements
Country of incorporation
Enterprise Service Agreements
Platform uptime
Enterprise Service Agreements
Currency for cost per transaction
Currency Exchange Agreements
Account Name
Currency Exchange Agreements
Bank Name
Currency Exchange Agreements
Bank IBAN
Currency Exchange Agreements
Account Number
Currency Exchange Agreements
Address of the property
Lease Agreements
Security Deposit
Lease Agreements
Rent Amount
Lease Agreements
Lock-in Period
Lease Agreements

The Smart Data Capture can identify over 1,000 metadata key pointers. The table above showcases just the fundamental set of these key pointers.

 

Frequently Asked Questions

#1 Which template contracts are excluded from Bulk Smart Data Capture?

Bulk Smart Data Capture does not support Clickthrough, void, on hold, and non-executed template contracts. However, you can manually add information to these excluded contracts from the key pointers panel.

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Last updated on October 3, 2023