Knowable, a legal technology company, has announced Ask Knowable, a suite of generative AI-powered tools designed to enhance how legal teams manage and analyse executed contracts. The suite, available in commercial preview now and set for general release in March 2025, leverages large language models (LLMs) and Knowable’s proprietary data structure to simplify contract management and improve accessibility.
Key Features:
1. AI Contract Search: This tool enables users to locate contracts using conversational prompts without requiring technical expertise in filters or data modelling.
2. AI Contract Summaries: This program generates summaries of individual agreements and entire contract families, showing how terms evolve over time.
3. AI Chat: This service provides answers to specific questions about clauses, terms, and obligations, informed by data from related agreements.
Unique Approach:
Knowable contracts can be organised into “families,” which include parent agreements and related documents, such as amendments and addenda. This family-mapping approach ensures a comprehensive understanding of contract dependencies. The platform prioritises clean, accurate data, promising a 98% accuracy standard through rigorous quality control.
Benefits:
• Efficiency: Simplifies complex searches with natural language queries like “Show me the enforceable indemnification provisions.”
• Insights Across Families: Analyzes entire contract families to address broader questions, such as termination rights across agreements.
• Interactive Summaries: Links responses to relevant documents for in-depth exploration.
• Error Reduction: The platform can provide significant cost savings by uncovering issues like billing errors.
AI Integration:
Knowable mitigates risks of LLM inaccuracies by anchoring its AI in a closed data environment and accurate contract data. Expert-designed prompts guide the AI’s reasoning, ensuring reliable outputs tailored to legal workflows.
Timeline:
The Ask Knowable suite will begin alpha testing in late 2024, followed by a beta release in early 2025, with general availability planned for March 2025.
Bottom Line:
Combining robust data management with generative AI, Ask Knowable offers a promising solution to streamline contract management, making executed agreements easier to analyse and act upon.
Source: Law Sites
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