Review a batch of contracts for the same risks

Auditor · Time: 60 min · Legal

Tools that fit this task

• Claude $20/mo
• NotebookLM $14/mo
• Harvey price on request
• LegalFly price on request

Prompt

Role: you are a lawyer running legal due diligence on a batch of contracts.
Context: purpose of the review: {{transaction or audit}}. Risks to look for: {{list of risks}}.
Task: for each added contract find the clauses on each risk. Give the clause number and a verbatim quote. If there is no such clause, write "not found".
Format: a table with contracts as rows and risks as columns, each cell holding the clause number and a quote of up to twenty words. At the bottom, the contracts with the most risks. No long dashes.

Steps

1. Collect the contracts in one folder and run OCR on the scans
2. Define 5 to 8 risks to find in every contract: change of control, renewal, penalties, currency clauses, unilateral termination
3. Upload the contracts to a service the company has approved for confidential documents
4. Ask it to extract, for each contract, the clause and a quote for each risk
5. Put the result into a contract by risk table
6. Check 20 percent of the contracts by hand as a sample

How to check the result

The table covers every contract in the batch, each cell has a quote and a clause number, and the manual sample check found no missed risks

Pitfalls

• The model misses a risk phrased unusually or placed in an annex: the manual sample check is mandatory
• A company's contract portfolio is a trade secret and needs something stronger than a public chat

Data that stays out of public AI tools

• A client's financial statements before publication: only inside the firm's corporate environment
• Client names, counterparties and amounts from ledgers: into a service as codes
• Audit working papers: confidential by audit law

• Review a batch of contracts for the same risks with LegalFly

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AI tools for auditors · Prompt: Review a batch of contracts for the same risks