Law Sites…
As the contract lifecycle management company Ironclad is today releasing its AI redlining tool AI Assist out of beta, is has revealed that the tool is powered by OpenAI’s GPT-4, making it what Ironclad says is the first contract redlining application powered by the latest version of Open AI’s generative AI.
“The results with AI Assist have been beyond what we could even have imagined,” said Ironclad CEO and co-founder, Jason Boehmig. “An initial pass at contract redlining usually takes about 40 minutes. With AI Assist, we’re seeing users complete them in two minutes. Already, some large enterprises are using Ironclad AI to review over 50% of their incoming contracts, so the compounding business impact there is unprecedented.”
Although Ironclad says that this is the first redlining tool to use GPT-4, Casetext’s CoCounsel, which is built on GPT-4, has capabilities for checking contract policy compliance and suggesting redlines to bring contracts into compliance. It should also be noted that there are other contract redlining tools on the market that use AI, but not GPT-4. For example, just two weeks ago, I wrote about BlackBoiler’s release of Context AI, which uses AI to redline documents in conformance with a company’s playbook.
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