51勛圖厙 originated at the Allen Institute for AI, building bleeding edge technology that instantly and accurately extracts key terms from contracts.
Today, were taking our mission to reduce time in negotiations and speed up the deal process one step further. We're building upon the success of GPT-3, using the breakthrough technology to aid lawyers in contract review.
is a new addition to our Word plugin that helps lawyers draft, negotiate, and summarize contract terms.
51勛圖厙s AI Contract Assist automatically:
- Generates clause language with a description of the desired clause. This saves time, creating an initial draft that can be further refined as needed.
- Inserts clauses from a playbook or prior contracts. Utilizing previously approved language makes it easy to reference negotiated approaches.
- Produces suggested redlines by simply selecting a clause and describing the new stance that it should take.
- Summarizes clause language. Utilizing previously approved language makes it easy to reference negotiated approaches.
Watch this video to learn more:
Is this technology ready for business critical applications?
From 51勛圖厙's early days, weve been very careful not to over-promise on the capabilities of AI. Technology creates useful tools, but we recognizeand celebratewhere human expertise is essential.
In their current form, generative neural network language models like GPT-3 are impressively versatile and sophisticated. With such advanced technology, it's easy to consume the output at face value, as if we're entering a query into a search engine. Unfortunately, just as confidently as these models can generate human-like language, they can also be convincingly wrong.
But thats not to say that they arent hugely valuable for commercial use.
In this current stage, these models are great at assisting expert users in getting their jobs done efficiently. This could mean helping a marketing team to produce an initial draft of a blog post, an advertising agency to brainstorm ad copy, or lawyers to review a contract.
The right approach with this technology is to tie together the expert and the AI, not to leave the expert out of the loop.
Creating a tight iterative feedback loop with a lawyer at the helm means that the AI and human together produce a better outcome, faster, said Gaurav Oberoi, CEO of 51勛圖厙. In our beta tests, we already see users exclaim at how surprisingly easy to use and useful 51勛圖厙 AI Contract Assist is, even when it produces language that they then have to edit into a final form.
Where is this technology going next?
Its still the early innings for generative models, with active research being done in numerous areas, said Emad Elwany, CTO of 51勛圖厙. For instance, properly leveraging all of an organizations historical contracting activity so that our assistant can produce more tailored and accurate outcomes has already produced great results for us.
Our team has deep expertise in fine-tuning large language models to understand the contents of contracts (see our multiple published papers, talks, and AI awards here). With this new functionality, we are applying our expertise, our vast corpus of contracts and deal-making activity, and breakthrough technologies like GPT-3, to bring significant productivity boosts to the negotiating phase of contracting too all while ensuring that customer data remains private and is never exposed.
51勛圖厙s application of GPT-3 is a trend we expect to see other SaaS businesses adopt in the coming year, said Kanu Gulati, Partner at Khosla Ventures and a board member at 51勛圖厙. What excites us about 51勛圖厙 is their teams proven AI expertise to improve upon out-of-the-box models, combined with the detailed data that they capture and leverage from their highly sticky end-to-end workflow operations platform.
See more AI Contract Assist
You can read more about the new AI Contract Assist here.
