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System and Method for mapping Received Contracts using Inverted Indexes

IP.com Disclosure Number: IPCOM000245196D
Publication Date: 2016-Feb-18
Document File: 7 page(s) / 138K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is the system and method to automate the process to identify the terms or keywords from Contract language document and map with system defined terms and clauses. Each paragraph may contains terms and clauses. The terms in a paragraph gets mapped with best possible matched terms available in the system and based on user input, possible matched clauses will be identified and available for mapping. In case, if there is no term identified in a paragraph then mapping will be done depending on the text of paragraph using keyword based search methodology.

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This is the abbreviated version, containing approximately 43% of the total text.

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System and Method for mapping Received Contracts using Inverted Indexes

Every business requires contracts with different third parties. Every Contract document is nothing but a language that represents agreement between various parties in form of terms and clauses.

Contract Languages depend on type of business and laws of state Jurisdiction. So terms and clauses vary depending upon type of business and state's law.

Every organization has a different process to create a contract.


1. Few organizations use simple text based documents to create a language of the contract, including writing all the terms and clauses and use a repository to store contract. This is very difficult to maintain because any changes in clauses requires updating the contract language and re-initiating the approval and negotiation process. Also, maintaining historical contract is difficult because clauses used in this contract cannot be used in others.


2. Few organizations use word document for contract language and use contract management tools to initiate the contract life cycle of the contract like approval process or negotiation with the parties. The problem with this process is, clauses and terms which are used in contract language are not reusable. Also maintenance of historical records of these clauses is difficult since clauses and terms are part of the simple word document.


3. Many contract management tools provide a way to write contract language from the tool itself and also provide feature to use existing clauses and terms to develop language for the contract. Tool also support to managing life cycle of the contract. For example IBM Contract Management or Oracle People soft.

When the language is written outside the tool and imported in to the system to process or maintain the life cycle of the contract is usually called received contract.

A received Contract is an existing word document with all the necessary legal language, clauses and terms. When such type of document (received document) imported into any tool, system does not able to identify the terms and clauses written in the document and mapping the keywords (terms/clauses) with the system defined keywords are difficult. Most of the tools does it manually.

Currently user adopts the following steps to handle received contract.

• Write a document outside the application, import word document to create contract in application.

• Open contract language, read paragraph of the document and search corresponding clauses in application for mapping.

• Save contract.

Manually mapping every clause of the document is very time consuming and error prone. Another use case which is very common as adopting new contract management tool which includes importing of legacy contract language document. In this scenario it is very tedious to

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map clauses of the legacy contract to system defined.

The current disclosure proposes a novel method of automating the process of mapping clauses and terms...