Evisort AI Labs Announces Invention of Generative AI for Contracts
Generative AI for contracts
From Day One, AI has always been core to Evisort. Today, we’re excited to announce that Evisort AI Labs, our research and development organization led by co-founder and CTO Amine Anoun, has created generative AI that has the potential to reshape contract drafting and negotiating as we know it.
With access to contract data and large language models, Evisort AI Labs has trained and fine-tuned models that can negotiate and redline contracts on behalf of legal professionals. Simply by providing guidance on the preferred position for a clause, Evisort AI Lab’s generative AI engine can automatically generate redlines for a user to easily review and approve. This groundbreaking innovation can save a significant amount of time in document review and back and forth negotiations with a third party.
Here’s how it works:
Why develop Generative AI for contracts?
For most of the last decade, AI has been trained and widely used to read content, including text and images. It has done so successfully and reshaped document and knowledge management with its ability to extract data, classify and summarize it, and more. However, when asked to write content, there has been a mixed bag of results and more resistance to adopt in industry applications.
This has changed dramatically in the last two years, with advances in generative AI as a primary area of focus in the machine learning community. Generative AI refers to the ability to train a machine to generate original content from a prompt. We've seen it with large language models like GPT-3 and image synthesis tools like Dall-E. We're now seeing it take root in many industries because of its wide applications and the value it offers.
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Opportunities ahead for Generative AI
Prior to the rise of generative AI’s large language models, most attempts to automate contracting have used traditional, rule-based approaches or robotic process automation (RPA). Rules-based approaches work well for standardized templates, but choke on the nuance needed for contracts which require conceptual and actual language terminology when understanding contracts and negotiation. With generative AI, experienced lawyers can instead “teach” the system what terms are acceptable and how to phrase contract information for negotiations with a counterparty. The result? Legal professionals can focus on the more nuanced and complex negotiations while removing bottlenecks to getting deals done.
“We have customers who are interested in using AI to draft completely new contract templates, to comply with regulations like data privacy, and to manage their supply chains. We are at the beginning of the real commercialization of AI,” said Anoun.
As generative AI comes of age, Forrester® Research believes at least 10% of Fortune 500 companies will generate content with AI tools in 2023. In the context of contracts, we believe that applying generative AI to negotiation is only the beginning.
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