The contract lifecycle management provider Ironclad announced it has released for general availability its generative AI contract negotiation tool known as AI Assist.
While the feature instantly generating contract redlines utilized GPT-3 when its beta kicked off, the tool is now powered by the large language model GPT-4 from OpenAI.
AI Assist makes redline suggestions based on a company's preferred clause and language guidelines in their existing playbooks.
"An initial pass at contract redlining usually takes about 40 minutes,” said Jason Boehmig, Ironclad’s CEO and co-founder. “With AI Assist, we're seeing users complete them in two minutes.”
The contract review platform announced the release of its ContextAI feature, which the company said uses artificial intelligence to provide the reasoning behind every redline.
By utilizing a company’s contract playbook, the technology identifies the internal rule that prompted a contracting redline and explains why the change was made.
The feature also provides users with multiple examples of how others in their organization have edited the same or similar language, which can help ensure consistency across contract negotiations.
“This is a major step forward that will allow lawyers and negotiators to understand why the AI has made the changes it has and enable them to have confidence in how this technology is powering their deals,” said Dan Broderick, co-founder and CEO of BlackBoiler.
The legal workflow solutions provider announced the next generation of its complex workflows platform called OnitX, which integrates with a family of AI-enabled products called Onit Catalyst.
OnitX is designed to help legal teams automate and optimize a wide array of workflows across the legal operations spectrum, including spend and contract lifecycle management.
Onit Catalyst provides legal teams with actionable insights, which can assist them in making better contracting decisions and with proactively managing their law firm relationships.
“Onit’s mission is to elevate Legal’s stature within the enterprise by automating business-critical workflows that drive material impact,” said Scott Wallingford, president of Onit’s Enterprise Business.
The end-to-end legal operating platform announced a new integration with the document and email management system iManage.
Existing iManage clients can now access their workspaces, folders, documents and emails from within the Litify platform. As a result, they will not need to switch between two applications.
“Several of our clients already use iManage for their document management, so rather than contributing to further fragmentation within the industry, we always aim to meet our clients where they are—enabling Litify to serve as their single source of truth,” said Litify President & COO Ari Treuhaft.
Litify partnered with GDSI, the custom software solutions provider, to build the new integration.