Contract Lifecycle Management (CLM) provider SpotDraft steps into the spotlight with the introduction of VerifAI, a cutting-edge, generative AI-powered tool engineered to revolutionize contract review processes. Announced on Friday and available for a free trial until November 30, VerifAI promises a blend of sophistication, accessibility, and precision.
Technology Meets Efficiency
Borne out of a successful $26 million Series A funding round, VerifAI emerges as a standalone Microsoft Word add-in, unlinked from the SpotDraft CLM platform. The tool embodies a dual-faceted structure, comprised of ‘Guides’ and ‘Ask VerifAI.’ Users have the advantage of counterchecking contracts against personalized or industry standard guidelines and procuring suggested redlines for non-compliant clauses.
“Guidelines are easily editable, and you can create different sets of guidelines for different types of contracts,” SpotDraft CEO Shashank Bijapur conveyed, emphasizing the tool’s flexibility and customization capability.
Interactive Contract Analysis
‘Ask VerifAI’ transforms contract review into an interactive experience. Users can delve into contract content by directing questions to the tool, which responds by highlighting relevant clauses. This feature ensures that contract review is not just systematic but also user-friendly and insightful.
Bijapur shared insights on the tool’s foundational technology, indicating that VerifAI’s design anchors on model-agnostic architecture. Although it predominantly employs GPT-4 hosted on Microsoft Azure Enterprise, the tool’s adaptability to the dynamic evolution of large language models is a standout feature.
Addressing Industry Challenges
In the rapidly evolving legal tech landscape, VerifAI aims to tackle two critical challenges. The often protracted timelines associated with third-party contract reviews is a significant hurdle, a scenario Bijapur is keen on transforming. “This needs to get easier,” he stated, underscoring the imperative for enhanced efficiency.
Product adoption also poses a perennial challenge, prompting SpotDraft’s strategic move to design VerifAI as an independent tool accessible to all, unconfined to the SpotDraft CLM clientele. This approach seeks to provide immediate value realization, catalyzing increased uptake among legal professionals.
Navigating Competitive Waters
The incursion of generative AI in contract review is not a novel phenomenon, with ContractPodAI, LegalOn Technologies, and others having made notable strides. VerifAI, however, carves its niche, particularly with its integration as a Microsoft Word add-in. Bijapur highlighted this integration as a strategic move to facilitate contract reviews within familiar terrains, eliminating the need for lawyers to adapt to new environments.
Furthermore, VerifAI’s distinctive attribute of empowering lawyers to employ customized guidelines accentuates the tool’s appeal. Bijapur emphasized that VerifAI “keeps the lawyer fully in control,” marking a departure from automated contract reviews to a model that intricately intertwines technology and human expertise.
As VerifAI makes its debut, the convergence of generative AI and legal technology is set for unprecedented trajectories. SpotDraft’s innovation is not just a testament to the transformative power of AI but also a vivid illustration of the intricate dance between technology and legal expertise in the quest for efficiency, precision, and value delivery in contract management.
