SpotDraft, the AI-driven Contract Lifecycle Management solution has today introduced VerifAI, its AI product aimed to change the way legal teams handle the contract review process. VerifAI is a Microsoft Word Add-In, that uses generative AI to check contracts against user-specified guidelines.
It also answers open-ended, contextual, and logical questions about contracts. This tool aims to streamline the contract review process, saving lawyers time and enhancing accuracy. SpotDraft states that 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 has two major features: Guides and Ask VerifAI. With Guides, legal professionals can use the product to scan, check, and verify contracts against user-defined guidelines, ensuring compliance with specific standards. Using generative AI, the tool can propose edits to clauses in alignment with the specified guidelines. It will also incorporate concise comments by explaining the reasoning behind modifications, allowing the counterparty follow along. By implementing a set of predefined guidelines, a legal team can rapidly process a fresh contract, completing the initial review in minutes.
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.
SpotDraft CEO Shashank Bijapur says, “VerifAI is set to change the standard of contract review and management,” said. “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.”
SpotDraft sees a huge market opportunity for VerifAI. The company claims that legal professionals allocate 80% of their time to repeatedly reviewing a limited set of contract types, with the primary aim of ensuring these agreements align with their organization’s internal criteria. Despite the remarkable progress in technology, the process of contract review in the legal field has largely remained stagnant, primarily due to the absence of tailored, efficient tools designed to simplify and enhance lawyers’ work processes. VerifAI hopes to change the way these legal teams operate with AI-based solutions.
More information about VerifAI can be found here.
SpotDraft is an 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.