In the constantly-evolving landscape of business technology, generative artificial intelligence has emerged as an unstoppable force – positively transforming the way businesses across sizes and sectors operate. This tour-de-force of power of generative AI also applies to contract lifecycle management (CLM).
Gone are the days of legal departments sitting down for tedious document review, cross-referencing disparate contract clauses, and spending inordinate amounts of time on contract review and renegotiation. And who is to thank? Generative AI assistive technology.
More specifically, CobbleStone Software’s IntelliDraft AI enables legal professionals to leverage generative AI tools to save time, streamline processes, and improve clause terms and legalese utilized for important contracts.
IntelliDraft AI is a powerful legal clause library tool, powered by CobbleStone's one-million clause library as the backbone for AI-trained models. Users can search thousands of contract clauses.
At the forefront of IntelliDraft is powerful natural language processing and structured data recognition.
As an example, let’s say I need a force majeure clause to protect my company in the face of an unexpected event. I would simply type “Force Majeure” into the search bar and quickly be presented with a force majeure clause – complete with brackets that provide helpful variations of words and phrases to flexibly provide options based on my needs.
The power of CobbleStone’s generative AI systems does not stop at finding and identifying potentially beneficial clause variations. IntelliDraft can also generate clauses!
Say I am in need of a rather specific clause – such as a finder’s fee clause between my financial advisor company and a client. I simply type in the name of the type of clause I want generated and voila! There is a newly generated clause to get me started! I can also copy it to my clipboard as needed.
The strength of CobbleStone's IntelliDraft AI continues with its ability to summarize clauses. The contract summarization tool condenses the content of complex legal clauses into more digestible summaries of the most pertinent information. This process involves NLP, which enables IntelliDraft to understand, interpret, and summarize the textual content of a clause.
The goal of contract summarization is to make key points and implications of contract clauses more accessible and straightforward for legal professionals and business professionals outside of legal alike. IntelliDraft's future-minded contract summarization functionality is significantly beneficial for streamlining contract drafting, review, and compliance.
As an example, let's use a confidentiality clause. Let's paste it into the Clause Summarizer and press "Summarize."
At the snap of a finger, we are given several summarizations with at-a-glance, redlined comparisons to the original clause. The content of the clause is not lost. Quite oppositely, the clause is summarized for streamlined and simplified processing.
For an internationally agile contract management experience and for negotiations with international counterparties, IntelliDraft AI conveniently supports clause translation!
Let's input a renewal clause. We can specify that it is in English, but the tool can also auto-detect the language of origin.
Then, after choosing our desired language for translation from extensive options in a dropdown, we simply hit "Translate" and view our translated clause right away! Let's translate our renewal clause into Spanish.
¡Muy fácil!
To further enhance legal professionals' toolbox with generative AI, IntelliDraft also allows them to easily search for legal words, definitions, phrases, and sample usage!
Stay abreast of important legalese with the ability to search for these terms and navigate an alphabetical index.
It is impressive how legal industry technology is growing in its capacity to automate procedures to generate contracts and legalese. This is just a scratch at the surface of all that contract management software can do. There is much more to celebrate about CobbleStone's leading legal technology solution - including contract analysis, robust tools for identifying potential risks, post-execution contract management, and much more.
Click here to enjoy all the features lists above and more for generative AI-powered contract oversight!
If your organization is interested in learning more about how you can leverage these and other legal artificial intelligence tools, book a free demo of CobbleStone Contract Insight® CLM software today.
Special thanks go out to all of the CobbleStone Software developers, technicians, linguistic experts, and legal professionals that help us all press on toward better contract management software technology.
Thank you, and keep contracting!
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