More
Social Media

Onit Unveils ‘Catalyst for Contracts’: A New Era in AI-Driven Contract Management

In the ever-evolving domain of legal tech, Onit, a key player in enterprise legal management and contract lifecycle management, has taken a leap forward with the introduction of ‘Catalyst for Contracts’. This generative AI-powered tool is set to streamline contract management with a range of innovative features.

Catalyst for Contracts is more than just another software addition to Onit’s suite; it’s a transformative approach to managing contractual processes, both before and after signing. Integrated with Onit’s CLM software, it works efficiently as a standalone product compatible with other systems and merges seamlessly with Microsoft Word.

One of the hallmark features of this new tool is its interactive chat function, allowing users to engage in conversations with their contracts. This feature aims to simplify legal jargon, draft clauses, identify inconsistencies, and even generate summaries—tasks that traditionally require considerable time and expertise.

Alongside this, Onit has expanded its repertoire with the launch of four new reporting templates for its ELM software. These templates are designed to provide comprehensive insights into various aspects of legal operations, from matter tracking and spend visibility to vendor analysis and executive-level summaries.

Diving deeper into the technical prowess of Catalyst for Contracts, Onit has integrated a combination of proprietary AI and open-source large language models. This dual approach harnesses the potential of available AI models while tailoring them to the nuanced needs of the legal industry. According to Nick Whitehouse, managing director of Onit AI Center of Excellence, the focus has shifted from mere discovery to making informed determinations within contracts.

To circumvent the risks associated with AI, particularly the phenomenon known as ‘hallucinations’ where AI may generate erroneous outputs, Onit employs what Whitehouse refers to as the ‘frozen model’ approach. Once an AI model is fine-tuned to a satisfactory level, it is ‘frozen’, ensuring stability and security. This strategy is pivotal in addressing privacy concerns, as it prevents user data from refining the AI, keeping the model static unless manually updated by engineers.

Also Read:  Lupl Amplifies Legal Workflows with AI Integration: A Comprehensive Insight

The legal tech landscape is crowded with generative AI tools aimed at contract management, with competitors like ContractPodAI and Luminance. However, Onit believes its strategic model training and the rigorous application will make Catalyst for Contracts a standout product.

In summary, Onit’s latest venture, Catalyst for Contracts, arrives as a potent tool tailored for legal practitioners, promising to elevate efficiency and precision in contract management. As the legal sector continues to integrate AI into its workflows, Onit’s innovative solutions are well-positioned to become a mainstay in the market, potentially setting new standards for AI-driven legal technology.

Share the post

Join our exclusive newsletter and get the latest news on AI advancements, regulations, and news impacting the legal industry.

What to read next...