The contract lifecycle management company SpotDraft has unveiled a new product, designed to aid lawyers in the tiring contract review process. Named VerifAI, the generative AI add-in for Microsoft Word checks contracts against user-defined guidelines that are created in simple, plain English. This innovative tool also demonstrates the capability to answer logical and contextual queries related to contracts.
The product, introduced before an audience at the SpotDraft Summit in New York City, is publicly accessible for legal professionals via the Microsoft app store. Intriguingly, VerifAI operates independent of any other SpotDraft subscription. With no mandatory training required for users, it offers out-of-the-box operability, facilitating immediate utilization once added to Word.
Udit Misra, SpotDraft’s Product Marketing Lead, elucidates that there are two primary components in this product – Guides and Ask VerifAI.
The Guides component aims to assist in regulating the laborious process of reviewing contracts that are drafted by an external party to the deal. In an alternative approach, VerifAI reviews, verifies, and checks a contract draft against the guidelines specified by the user, ensuring the document’s alignment with the user’s authorized standards.
The platform offers valuable suggestions to redline clauses that don’t meet these guidelines and also provides comments to elucidate the rationale behind these amendments. These feedback-generated comments can be customized according to the user’s preference.
Remarkably, users have the liberty to create as many guidelines as required for all contract types they deal with. These guidelines are provided in a user-friendly manner, requiring no specific clause languages.
Complementing Guides is the second component, Ask VerifAI. This feature is an interactive chat interface capable of answering complex, contract-related queries in a user-friendly language. The complexity of the queries can range from identifying conditions for unilateral termination of an agreement to other intricate contextual concerns. This feature processes the relevant information and highlights the necessary clauses.
Ask VerifAI is still in its beta phase and is expected to transition into the full-fledged version within a few weeks. Until the end of December, VerifAI is available for free trials, with its final pricing yet to be decided.
The Founder and CEO of SpotDraft, Shashank Bijapur, is hopeful about VerifAI changing the standards of contract review and management. With the focus on enabling legal teams to work faster, smarter and with heightened confidence, SpotDraft aims to deliver state-of-the-art technology to the legal realm.
Find more details on this product on LawNext.