New product offers smart analysis, instant check, and Q&A feature when reviewing contract
NEW YORK — October 20, 2023 — SpotDraft, the leading AI-powered Contract Lifecycle Management (CLM) solution for high-growth startups and scaleups, announced today the debut of VerifAI, an industry-first AI-powered product to transform the way legal teams review contracts.
Legal Professionals often spend 80% of their time reviewing the same 2-3 kinds of contracts over-and-over again – all to make sure the contract meets their organization’s internal standards. Despite all the advancements in technology, the contract review process for lawyers has broadly remained unchanged because there haven’t been any good tools custom built for lawyers to make their lives easier.
VerifAI, a Microsoft Word Add-In, transforms how lawyers review contracts. It uses generative AI to check contracts against user-specified guidelines, written in plain english. It also answers open-ended, contextual and logical questions about contracts. Ultimately, this tool streamlines the contract review process, saving time and enhancing accuracy. VerifAI works out-of-the-box, with zero training required for users. Once it’s added to Word, it’s instantly ready for use.
VerifAI works in two ways:
With Guides, legal professionals can accomplish in minutes what previously took hours. They no longer need to meticulously review contracts sentence by sentence to ensure every checkbox on their list is ticked. The product scans, checks, and verifies contracts against unique, user-defined guidelines, ensuring compliance with specific standards. Using generative AI, this feature can also suggest redlines to clauses so that they meet those guidelines. It will also add clear comments explaining the reasoning behind the changes, so the counterparty can follow along. With a playbook of guidelines in place, a legal team can take a new contract and complete the first pass faster and cheaper than getting a cup of coffee.
Ask VerifAI answers contextual and logical questions in natural language about a contract. Users can ask complex questions like “What are the conditions for unilateral termination of this agreement?” and get accurate answers in seconds. VerifAI will read through the contract, process the relevant information and highlight the appropriate clauses for the user to see.
“VerifAI is set to change the standard of contract review and management,” said Shashank Bijapur, Founder and CEO of SpotDraft. “We’re focused on enabling legal teams to work smarter, faster, and with greater confidence. We’ll be focused on expanding the service offerings of the tool and continue to deliver first-of-its-kind technology to the legal world.”
VerifAI was launched to the public in front of a live-audience at the SpotDraft Summit held in New York City on Oct 20, 2023. It is publicly available to lawyers everywhere and accessible now.
More information about VerifAI can be found here.
SpotDraft is a best-in-class end-to-end contract management and automation solution that acts as a digital record system for in-house legal teams. SpotDraft’s AI-driven solution empowers in-house legal teams to save up to 5 hours per week and helps them close deals 25 percent faster, freeing them to focus on more strategic projects. Founded by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, the team has decades of combined experience in the legal field as well as in building world-class products at companies like Google, Microsoft, Amazon, IBM and Linkedin. Since its founding, SpotDraft has tripled its revenue and doubled its headcount year over year. The company works with high-growth businesses across the U.S., Europe, the Middle East, and Asia Pacific regions.