Luminance, the pioneer in ‘legal-grade’ AI, today announced that Commaxx Group has selected its cutting-edge AI to revolutionise contract review processes across the Dutch electronics company.

Faced with siloed company knowledge and lengthy bottlenecks within the contract review process, Commaxx’s legal team was struggling to keep pace with the volume of incoming third-party contracts in need of review. As part of a wider push towards digital transformation, the fast-growing consumer electronics group sought an end-to-end AI solution that would streamline the entire contract lifecycle, automating the time-consuming tasks that previously monopolised the legal team’s valuable time.

Commaxx is now benefitting from Luminance’s suite of AI-powered negotiation functionality, which works by instantly highlighting risky and non-standard clauses in any incoming contract in Microsoft Word, then providing pre-approved wording and gold standards which can be substituted in a single click. It enables the legal team to swiftly review critical contracts, such as Sales Agreements and Distribution Agreements, saving the Legal Counsel upwards of an hour a day on routine contract reviews.

Further, Luminance’s sophisticated supervised machine learning allows the AI to update its knowledge of agreeable terms as organisational standards and regulatory guidelines change. Luminance retains and applies this knowledge to future negotiations, ensuring Commaxx can improve compliance and facilitate knowledge-sharing across its legal team and wider business.

Willem Waaijen, Legal Counsel of Commaxx, said: “Luminance is an absolute game-changer for our legal team. It’s exciting to be leading the company charge towards implementing innovative technologies. Luminance is allowing us to spend less time on manual, repetitive work and more time on the tasks that deliver real value for the company, meaning our AI-powered legal team is well placed to support the company’s focus on expansion.”

Eleanor Lightbody, CEO of Luminance, added: “It’s fantastic to see innovative companies like Commaxx integrating our award-winning AI. By automating the time-consuming yet manual tasks associated with contract work, companies like Commaxx are awarded more time for higher value tasks like strategic advice. We’re delighted to be a part of the company’s digital transformation journey.”

ENDS

About Commaxx

Commaxx Group is a leader in the development and sales of smart choice consumer electronics to national and international retailers and importers under different brands. Since their foundation in 1994, they have built up long-term relationships with their customers through a proactive policy. They believe in enthusiasm, no-nonsense, professionalism and loyalty in their cooperation.

www.commaxxgroup.com/en

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.