Portfolio Benchmarks in Ironclad Assistant compares a contract with your organization’s previous contracts and shows how common clauses or terms compare across your portfolio. Portfolio benchmarking is available through the Early Access Program (EAP). Use this article to review benchmark results in Ironclad Assistant during a contract review.
Use Case
Use Portfolio Benchmarks when you want to compare contract language with your organization’s previous contracts. For example, during a contract review, ask Ironclad Assistant to benchmark the contract’s common clauses or terms against your portfolio and use the results to identify language that differs from your organization’s historical contracts.
Prerequisites
| Features |
Ironclad Assistant and Portfolio Benchmarks EAP access. |
| Permissions |
Access to Ironclad Assistant, the contract being benchmarked, and relevant prior contracts. Portfolio benchmarks only considers contracts to which you have access. |
Release: This article describes features and functionality planned for our October release. Some features may not be available until October 8, 2026.
Ironclad Early Access Program: This feature is in Early Access and may change before it is generally available. If you interested in this feature, please reach out to your Ironclad representative or Support to see if you're eligible for EAP access.
What is Portfolio Benchmarking?
Portfolio benchmarks compares terms in one contract with your organization’s own prior agreements. It can help answer questions such as:
- Is this termination notice period normal for us?
- How do these payment terms compare with what we usually accept?
- Have we agreed to this governing law before?
- Is anything unusual in this contract?
Portfolio benchmarks will consider agreements with the same counterparty and ones across your broader contract portfolio. The results of your query will indicate whether a term is common, uncommon, or unsupported by enough historical data.
Run a Portfolio Benchmark
To start benchmarking:
- Open Ironclad Assistant.
- Start a new conversation.
- In the message box, enter the contract's name (or readable ID), and your request. For example:
- Is anything unusual in IC-123 compared with our prior agreements?
- Compare the payment terms and termination notice in IC-123 with previous contracts.
- Hit Enter or click Send.
- Review the benchmark card.
If there isn't enough benchmark data, prepare the historical contracts used for comparison:
- Navigate to the Dashboard.
- Select the checkboxes beside the relevant imported or completed contracts.
- In the bulk-actions bar, click Extract metadata.
- Select Choose specific data and click Continue.
- Select or search for terms to extract. For benchmarking, prioritize the following:
- Governing Law
- Payment Term
- Termination Notice Period
- Contract Type
- Any relevant dispute-resolution clauses
- Click Continue.
- Choose between:
- Add new data to fill blank fields without changing existing values; or
- Replace all data to overwrite existing values for the selected fields.
- Start the extraction. Ironclad emails you when it finishes.
- Return to Assistant and rerun the benchmark request.
If Continue is disabled, confirm that at least 1 selected contract has Imported or Completed status. The Extract metadata option also requires the appropriate product entitlement and record permissions. Learn more about extracting metadata.
Review Benchmark Results
Portfolio Benchmarks compares the contract with your organization’s previous contracts and shows how 17 common clauses or terms compare with your portfolio. Terms may include governing law, payment terms, dispute resolution, termination notice period, and contract type.
The results can include:
- Current contract term
- Same-counterparty comparison
- Portfolio comparison
- Distribution or frequency
In addition, you may see unusual-term indicators or a message letting you know when Ironclad can't read the term or lacks comparable history.
Known Limitations
- Portfolio Benchmarks is an EAP feature and may change before general availability.
- Results are based on comparisons with your organization’s previous contracts.
- Benchmark results do not replace legal review or approval workflows.
Resources
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