Information Extraction from Legal Contracts
Goal
Information Extraction from Legal Contracts
Synaptron developed a deep learning-based algorithm to automatically extract key information, such as supplier and customer names, from unstructured legal contract text. Deployed in the client’s system, the solution improved efficiency and accuracy while reducing manual effort. The algorithm is novel, with intellectual property owned by the sponsor.
Industry: Technology
Technology: NLP, Deep Learning
Client: US-based Technology Firm
The client faced challenges in extracting relevant data from large volumes of unstructured text within legal contracts. Manual extraction was time-consuming and prone to errors.
Solution
Synaptron developed a deep learning-based information extraction algorithm that automatically identifies key elements such as supplier names, customer names, effective dates, and other contract details. This algorithm was novel and IP was owned by the sponsor.
Impact
The solution was deployed to the client’s systems, significantly reducing manual workload, improving efficiency, and ensuring higher accuracy in data extraction from legal contracts.