SpotDraft VerifAI Product
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A SpotDraft VerifAI Product is a SportDraft contract review product.
- Context:
- It can (typically) have SpotDraft VerifAI Features, such as SpotDraft VerifAI Guidelines Feature.
- ...
- Example(s):
- VerifAI, 2023-10.
- ...
- Counter-Example(s):
- See: Contract Management Software, AI-powered LegalTech, Contract Analysis Tool, Compliance Automation Platform, Contract Review Task.
References
2024
- https://www.spotdraft.com/verifai
- VerifAI is an AI-powered add-in for Microsoft Word
- It is designed to automate the contract review process for legal professionals.
- It offers customizable guidelines for contract review.
- It features AI Power-Ups such as suggestions for language changes, comments, and edits.
- It allows for easy playbook building.
- It includes pre-vetted industry-standard guides.
- It integrates a legal AI chatbot based on OpenAI ChatGPT 4 and other Large Language Models.
- It promises enterprise-grade security and compliance.
- It follows a subscription model.
2023
- GBard
- SpotDraft VerifAI is a Microsoft Word Add-in that uses artificial intelligence (AI) to help legal teams review contracts faster and more accurately. It can be used to review contracts against personal guidelines, identify potential risks, and answer open-ended questions.
- Here are some of the key features of SpotDraft VerifAI:
- Customizable guidelines: VerifAI can be customized to match your organization's specific contract review guidelines. This means that you can focus on the things that matter most to your team and avoid spending time on repetitive tasks.
- Risk identification: VerifAI can identify potential risks in contracts, such as missing clauses, unfavorable terms, and inconsistencies. This helps you to identify and mitigate risks before they become problems.
- Open-ended questions: VerifAI can answer open-ended questions about contracts, such as "Is this contract fair?" or "What are the key takeaways from this contract?" This can help you to better understand and interpret contracts.
2023
- (Law Next, 2023) ⇒ https://www.lawnext.com/2023/10/clm-company-spotdraft-unveils-generative-ai-contract-review-add-in-for-word-and-for-a-time-its-free.html
- NOTES:
- SpotDraft launched a new AI-powered contract review tool called VerifAI.
- It is an add-in for Microsoft Word that uses generative AI to check contracts against user-defined guidelines and answer questions about contracts.
- It suggests redlines and comments to bring contract drafts in line with guidelines written in plain English.
- It allows users to ask contextual questions about a contract in natural language through the "Ask VerifAI" feature.
- It is offering VerifAI for free trial until end of December 2023. After that, pricing is still to be determined.
- It aims to help legal teams review contracts faster and with more confidence with this product.
- It announced the product at the SpotDraft Summit in New York City.
- NOTES: