Contract Lifecycle Management provider, Agiloft, launches a new generative AI capability, part of their Data-first Agreement Platform, to enable legal and contract teams to quickly review and markup contracts, reducing risk without causing endless redlining loops in the review process.
“We are thrilled today to announce new generative AI capabilities for 2024 that build onto our existing AI Platform,” says Andy Wishart, Chief Product Officer at Agiloft. “With this release, we are addressing the all-too-common problem legal and contracting professionals see when negotiating contracts: excessive and endless redlining between parties. This new capability employs generative AI to understand approved clauses, review third-party contract language for areas of misalignment, and then compose redlines that marry third-party contract language with legal’s preferred phrasing. This greatly reduces the back-and-forth negotiations between parties, providing an express route to contract execution.”
Users can leverage language from their clause library to power Agiloft’s new GenAI capabilities or create new content with GenAI that matches their needed terms and closely conforms to the text of the contract under negotiation. Agiloft is working directly with early adopters to build and improve this and other features that enable connected, intelligent, and autonomous contracting processes so companies can unlock the value of contract data and accelerate business.
“Our goal is to use AI as a force multiplier to assist our customers in solving their biggest contracting challenges and ultimately improve their businesses,” said Eric Laughlin, CEO at Agiloft. “We see AI as an enabling technology that will supplement human decision-making, not replace it. We go to great lengths to ensure that our customers retain control over their work product and build trust over time in AI assistance. With this release, our team has brought the transformative technology of generative AI directly into contracting, freeing up legal and contract teams to streamline negotiations by capitalising on the language they have already approved to get deals done and accelerate the business.”
Agiloft’s new GenAI redlining capability is part of a series of GenAI features on the company’s 2024 roadmap and follows the release of Agiloft AI Trainer in August 2023, which empowers non-technical users to fully customise the way they review and analyse contracts and enables customers to deploy “AI, Your Way."
Disclaimer: The views and opinions expressed in this article do not necessarily reflect the official policy or position of Novum Learning or Legal Practice Intelligence (LPI). While every attempt has been made to ensure that the information in this article has been obtained from reliable sources, neither Novum Learning or LPI nor the author is responsible for any errors or omissions, or for the results obtained from the use of this information, as the content published here is for information purposes only. The article does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto and does not constitute professional and/or financial advice.