Contract lifecycle management entity SpotDraft has unveiled an AI-driven add-in for Microsoft Word. Known as VerifAI, the product uses generative AI to verify contracts against guidelines determined by users, crafted in simple, understandable language. It can answer open-ended, contextual and logical queries about contracts. The AI-driven product is designed to simplify and speed up the process of reviewing contracts for legal practitioners.
The noteworthy aspect of VerifAI is it being a standalone product that doesn’t require a SpotDraft subscription. It comes pre-trained and requires no additional setup; it is ready to go as soon as added to Word. During the product’s public launch at SpotDraft Summit New York City, its marketing lead Udit Misra demonstrated its two key components: Guides and Ask VerifAI.
Guides addresses the need for time-consuming, sentence-by-sentence review of contracts penned by a third party. Rather than following this meticulous method, VerifAI scans, checks, and validates a contract draft based on predetermined guidelines, ensuring the contract meets certain standards.
To support this feature, VerifAI provides redline suggestions to clauses ensuring their alignment with user’s guidelines, and it explains adopted changes in comments. This enables the counterparty to follow the nuances and reasoning behind the alterations. Also, the analysis conducted by VerifAI is based on the guidelines, or the contract playbook, developed by the user. The platform also allows the establishment of as many guidelines as required for different types of contracts.
A standout feature of VerifAI is its ability to understand guidelines drafted in plain language, eliminating the need for specific clauses or legal jargon. For instance, a guideline stating, “The agreement term should be capped at one year,” would be recognized and adhered to during the check. It’s possible to check an entire document expressly for such guidelines or just for one at a time.
In addition to user-generated guidelines, VerifAI comes equipped with a collection of industry-standard guidelines. With these guidelines set up, SpotDraft claims that a legal team can review new contracts and complete a preliminary review faster than it would take to get a cup of coffee.
The second component, Ask VerifAI, serves as a chat interface capable of answering intricate questions related to the contract, such as “What are the conditions for the unilateral termination of this agreement?”. VerifAI processes the contract, identifies relevant information, and highlights appropriate clauses corresponding to the query. Please note that this feature is currently in beta and is expected to be fully developed in a few weeks.
As of now, VerifAI is accessible for free trial until the end of December, after which the final pricing yet to be announced will come into effect.
SpotDraft’s founder and CEO Shashank Bijapur opines that VerifAI will alter the standard of contract review and management. He expresses the company’s dedication to expanding the product’s service offerings, enabling legal teams to work smarter, faster, and with more confidence, and continue bringing innovative technology to the legal sector.
Find more in-depth information and a detailed review of the product in the full article here.