SYSTEM AND METHOD FOR EXTRACTING DATA FROM CONTRACTS USING AI BASED NATURAL LANGUAGE PROCESSING (NLP)

摘要

Disclosed is a method for extracting data from contracts using a contract data extraction system. The method includes following steps of: obtaining a contract from which the data to be extracted; processing the contract to identify one or more sections of the contract; scanning for data within the identified one or more sections of the contract; and identifying and extracting the data from the corresponding one or more sections of the contract using natural language processing (NLP). The one or more sections include at least one of clauses, obligations, signature and tabular data. The one or more sections are identified using a predefined library. The identified one or more sections are demarcated by matching with the predefined library. The identified one or more sections are tagged across existing and new contract repositories using the Artificial Intelligence (AI) technique.