Relativity, the prominent e-discovery company, recently announced the launch of its latest innovation, Relativity Contracts. Unveiled at ILTACON in Orlando, this tool is specifically designed for contract analysis and due diligence review, fully integrated within RelativityOne, the company’s touted cloud platform.
The introduction of Relativity Contracts aims to redefine how companies handle their agreements. According to Relativity, this software allows users to extract actionable insights when analyzing contracts, which can help them comply with shifting regulatory demands, realize business value, and mitigate legal risk.
What sets Relativity Contracts apart is its use of pre-built AI models for contract review. These help in converting complex contractual data into structured text, expediting the due diligence process. Alternatively, users have the option to train their own models or import results from external models according to their specific requirements.
Relativity claims that using this product can notably decrease review time by 40% and enable users to realize up to 50% in project cost savings. However, given the newness of the tool, adoption rates and user feedback will be the final determinants of its efficacy.
Relativity isn’t stopping at contract analysis. The company is also making strides in leveraging artificial intelligence on a broader scale. Currently, they are piloting GPT-4 through the Microsoft Azure OpenAI service with a select customer base, with the promise of launching new GPT-4 enhanced products at the forthcoming Relativity Fest, set to occur in Chicago from September 26-28.
Relativity’s CEO, Phil Saunders, expressed the company’s enthusiasm about the new release. Saunders conveyed his belief that Relativity Contracts, backed by the power of RelativityOne, will empower their customers and partners to take full advantage of AI-enhanced contract analysis. The launch signifies a big step for the company’s growth and for the broader legal tech landscape.
For more information on the launch of Relativity Contracts, visit the official announcement.