50% Faster Contract Reviews with AI

A I • Aug 17,2024

Formlabs, a leader in 3D printing, faced challenges with time-consuming and inconsistent manual contract reviews. By implementing Ivo, an AI-powered contract review platform, Formlabs significantly accelerated contract analysis, reducing NDA review times by 50%.

Client:

Formlabs is a global industry leader specializing in designing and manufacturing precision 3D printers. Based in Somerville, Massachusetts, the company has revolutionized the 3D printing landscape through innovative hardware, software, and materials. Formlabs 3D printers have become indispensable tools across diverse sectors, including engineering, healthcare, jewelry, and beyond.

Problem Statement:

● Time-consuming contract review: Manual contract reviews significantly affected operational efficiency.
● Inconsistent Evaluations: Human error introduced inconsistencies in contract evaluations.
● Need for Optimization: The company needed to streamline legal operations to allocate resources more effectively.

Results:

● 50% decrease in NDA review time.
● Redirection of legal team focus to higher-value legal matters
● Increased contract review accuracy and risk mitigation.

AI Solution:

To address the challenges of time-consuming and inconsistent contract reviews, Formlabs implemented Ivo, an AI-powered contract review platform.

Ivo’s specialized toolkit, with contract clause libraries and detailed checklists, significantly reduces errors in document analysis, ensuring more accurate identification of critical and risky clauses. By automating initial reviews for common contract types like NDAs and DPAs, Ivo freed up the legal team to concentrate on more complex matters.

Ivo’s ability to generate new playbooks based on contract types enhanced its adaptability to Formlabs’ evolving legal needs. This flexibility and exceptional customer support made Ivo an indispensable tool for optimizing contract review processes.

Reference:

1. Optimizing Contract Reviews at Formlabs with Ivo

Industry: Legal Technology
Vendor: IVO/
Client: Formalabs/

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