Tag: contracts
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TermScout Launches Screens, First-of-its-Kind Marketplace for Lawyers to Build and Sell Contract Review AIs
TermScout has launched a marketplace called Screens that allows lawyers and other contracting professionals to create and sell their contract review AIs. Screens enable lawyers to turn their expertise into a product while also providing those who need to review contracts with a contract review AI tailored to their specific use case by an expert […]
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How SaaS-Enabled, AI-Powered Platforms Are Transforming Legal Services
Digital tools are revolutionising the legal industry, and those that fail to meet customer expectations will lose their competitive edge. AI-powered tools can manage various tasks, from the routine to the complex, offering unparalleled precision and efficiency and challenging traditional approaches to legal services. However, these tools can also create ethical dilemmas that need careful […]
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How generative AI in contracting can boost your bottom line
Businesses are recognizing the importance of innovation to avoid stagnation, and Artificial Intelligence (AI) is being seen as a transformative force that can significantly improve productivity. Generative AI is proving to be an especially useful tool for streamlining contract management and improving business performance in several ways. Integrating generative AI technology into contract operations can […]
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SpotDraft’s Gen AI Contract Review Product, VerifAI, Released for General Availability, with Free Trial
SpotDraft, a contract management company, has recently launched VerifAI, a new AI add-in for Microsoft Word that uses artificial intelligence to help lawyers review contracts more efficiently. VerifAI checks contracts according to user-specified guidelines, written in plain English, and also answers open-ended, contextual, and logical questions about contracts. During the early-access phase, over 250 users […]
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Why AI Will Dominate Contract Reviews: The Next Paradigm Shift In Legaltech
The benefits of AI-powered contract reviews extend beyond efficiency and accuracy. By ensuring contracts are sound from the outset, businesses can minimise potential disputes, fostering smoother professional relationships. Moreover, by gaining insights into potential litigation outcomes, organisations can make more informed decisions, strategically navigating potential legal challenges. Furthermore, as the business world becomes increasingly global, […]
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CLM Company SpotDraft Unveils Generative AI Contract Review Add-In for Word (and For A Time It’s Free)
VerifAI is a generative AI add-in for Microsoft Word scans, created by contract lifecycle management company Spotdraft, VerifAI checks, and verifies a contract draft against guidelines that you define to ensure that the draft complies with your specific standards. The second component, Ask VerifAI, is a chat interface that answers contextual and logical questions about […]
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The legal issues presented by generative AI
The legal issues accompanying generative AI have several implications for companies that develop AI programs and those that use it. While it’s not clear how legal threats will affect the development of generative AI, they could force creators of AI systems to think more carefully about what data sets they train their models on. More […]
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4 questions to ask before choosing an enterprise legal management system
How important is AI, anyway? Quick answer: important. But let’s get into why. Although nearly 90% of legal professionals in a Bloomberg survey agree that legal tech is important, 70% either don’t have a process in place to evaluate legal tech or are unsure if a process exists at their organization. This article identifies the […]
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7 Key Considerations For Lawyers Negotiating Contracts For AI Services
AI language models can display a convincing level of analytical capability that seems indistinguishable from a lawyer’s. However technology-related laws and regulations are highly complex and heavily nuanced. Negotiations involve many rights and legal issues, including: new legal cases and technological discoveries emerge regularly, changing the rules suddenly and unpredictably. Human lawyers will always be […]
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Discover the future of contract management: how Generative AI is transforming contract lifecycle management
Adopting generative AI technologies not only streamlines contract creation, analysis and negotiation processes, but also frees up valuable resources, allowing your teams to focus on strategic initiatives that drive your business forward. It also reduces the risk of human error and helps identify potential contractual risks before they become significant problems. Source: Lexology