ContractIQ

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Simplify contract drafting with AI-powered efficiency.

How ContractIQ can help you:

Significantly reduces the time spent on contract drafting.
Provides a wide range of contract templates to fit various needs.
Ensures all critical details are included with a guided input process.
Allows for easy review and tweaking before final export.

Why choose ContractIQ: Key features

Effortless contract creation in three simple steps.
Time-saving benefits, reducing contract drafting time by up to 10X.
Highly praised by over 5,000 users for its efficiency and precision.
Offers a free Standard plan with an option for unlimited contracts on the Pro plan.

Who should choose ContractIQ:

Businesses and consultants requiring frequent contract creation.
Legal professionals seeking to streamline their workflow.
Anyone looking to save time and improve the reliability of their contract drafting process.

About ContractIQ

Website

https://www.contractiq.ai

Release Date

March 2024

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95 Percent of Indian Businesses are Losing Money in Contract Negotiations, According to Icertis Survey

Insights Reveal Advanced Perspectives on AI Among India's C-Suite in Comparison to Global Counterparts Icertis, the global leader in AI-powered contract intelligence, today released its 2025 executive insights survey titled Powering Profitability: The new economics of customer and supplier relationships. Based on responses from more than 1,000 c-suite leaders, the survey found that 95 percent of Indian executives believe they are leaving money on the table during contract negotiations. After a contract is signed, businesses also lose an average of 9 percent of the agreement's overall value, leading to substantial profitability erosion and millions in unrealized revenue across growing customer networks and complex supply chains. Contracts define every business relationship and form the foundation of global commerce, making commercial agreements one of the most powerful assets to catalyze - or hinder - revenue and risk in today's business landscape. Key findings of the survey point to a substantial gap between leadership perception and the realities of business contracting, including: CFOs are blind to value leakage. Nearly all CFOs are confident they are collecting everything their business is entitled to from customers and suppliers, but this confidence is unfounded based on how their business is managing contracts. These same CFOs also cite missed opportunities to charge additional fees (44 percent), late or outstanding customer payments (40 percent), and unused discount opportunities with suppliers (40 percent) among their top sources of revenue leakage - all of which are governed and enforced through commercial agreements. Businesses are overlooking their foremost opportunity to combat inflation. Cost increases due to inflation are cited globally as the top source of revenue leakage by executives, including 70 percent of CFOs. Despite this concern, more than 40 percent of the c-suite says their business is not leveraging inflationary pricing protections in contracts. Overconfidence is the biggest threat to regulatory compliance. 70 percent of c-suite leaders feel "very prepared" to demonstrate compliance in 2025's rapidly shifting regulatory landscape, yet nearly half of businesses have been fined for regulatory violations in the last five years. As global regulations and supply chains become increasingly intricate, commercial agreements play a pivotal role in mitigating risk and safeguarding compliance. The survey also revealed advanced perspectives on the transformative future of AI in business among India's c-suite, in comparison to their global counterparts: India's c-suite remains bullish on the bottom-line impact of AI. 57 percent of leaders in India and the US believe AI will impact their bottom line in the year ahead, in comparison to only 28 percent in the UK. 66 percent of India's leaders plan to implement AI tools in 2025, including AI in contracting, versus 53 percent in the UK and 45 percent in the US.India's executives grasp the potential for AI in legal. While leaders globally agree that finance is the no. 1 area of the business that could realize immediate cost savings through the effective use of AI, India was the only market to rank legal in the top five departments for AI-driven cost reductions, alongside marketing, IT, and HR. India believes Artificial General Intelligence (AGI) is tangible in 2025. 77 percent of India's leaders believe AGI will change the way their business works in the year ahead, compared to 60 percent in the US and 34 percent in the UK. "India's economy remains one of the fastest growing in the world because our leaders are forward-thinking and understand the opportunity that AI presents to revolutionize the way they do business. Optimizing customer and supplier contracts to stop value leakage with AI is critical for India to maintain momentum in commerce while positioning our businesses to compete - and win - across global markets," said Monish Darda, Chief Technology Officer and Co-founder of Icertis. "Millions of dollars flow in and out of the enterprise through commercial agreements, and this survey from Icertis proves that AI is the key to turn contracts into strategic assets and recapture revenue in 2025 and beyond." Survey respondents included c-suite executives at companies with more than 5,000 employees across the US, UK, and India. Read the full report to learn more. About Icertis Icertis is the global leader in AI-powered contract intelligence. The Icertis platform revolutionizes contract management, equipping customers with powerful insights and automation to grow revenue, control costs, mitigate risk, and ensure compliance - the pillars of business success. Today, more than 30% of the Fortune 100 trust Icertis to realize the full intent of millions of commercial agreements in 90+ countries.

CXOToday.com

Thu, 14 Nov, 8:14 AM UTC

Ironclad launches Jurist, an AI-powered legal assistant for contract work - SiliconANGLE

Ironclad launches Jurist, an AI-powered legal assistant for contract work Ironclad Inc., a digital contract management startup, today announced the launch of its conversational artificial intelligence legal assistant named Jurist that will work with professionals to draft contracts and understand the law. Michel Feaster, Ironclad's chief product officer, told SiliconANGLE in an interview that the company is launching its AI assistant now because legal work, especially contracts, represents one of the best use cases for large language models. "What do these LLMs do? Well, it's reading comprehension and it's writing," said Feaster. "And, when you think of a lawyer drafting or editing or taking a company position, all lawyers are doing is reading, comprehending and writing." In fact, Feaster said, 68% of legal work takes place in in contracts, providing a lot of overlap with legal tech. The company's customers themselves expressed a desire for a legal AI assistant to help them with contract work, which led Ironclad to launch Jurist. Jurist was developed through five-month beta, which included in-house legal teams at companies such as AI-driven document automation company Ocrolus Inc. and e-commerce fraud protection platform Signifyd Inc., plus leading law firms such as Gunderson Dettmer. "Jurist has already eliminated hours of manual review from our document review process," said Katelyn Canning, director and head of legal at Ocrolus. "Its intuitive interface lets us easily define our own parameters, transforming tasks like NDA reviews into a streamlined workflow. What truly sets it apart is its ability to select the most appropriate AI model for each task behind the scenes, delivering useful results without requiring us to craft intricate prompts." Feaster explained that lawyers can use Jurist to save time by uploading multiple contracts to form an existing precedent to create a new one so that the AI can pre-generate a new one as a starting point. From there they can use the conversational interface to update the new document and update names and dates and fine-tune contract language. Or, for example, if there are multiple contract documents for a business closing that need to be updated, they can all be open at once and Jurist can edit them simultaneously. Using the conversational interface, the lawyer can ask it to change the number of board seats, key terms or other elements and make sure all of the documents remain aligned. One important feature of Jurist is that lawyers using it can see everything it does and it's not a black box like other assistants, Feaster explained. As it operates, it provides citations and the reasoning for its decision-making. "We made it completely transparent so that we're not just creating trust by having a secure architecture," Feaster said. "We also made our multi-agent assistant show its work, and the lawyer can obviously use that to then accept or reject parts of the work the Ironclad the assistant did." After a user prompts it to produce a draft or edit a section of a contract, all AI outputs can be examined and either accepted or rejected. According to Feaster this allows lawyers to apply their own "human intelligence and judgment" to the AI edits and therefore keeps the human in the loop at all times. Contract law is complex and complicated even for the best professionals, who must pull information from numerous sources. Jurist does the same with by accessing legal knowledge from verified, reputable online legal sources, including FindLaw.com, EUR-Lex and Oyez.org. Feaster said that in testing the AI assistant has also shown great results for productivity with early access partners. In one case with nondisclosure agreement reviews, one company saw the process become minutes where it ordinarily took an hour. In the case of translation from another language into English, a process that could take the better part of an entire day, plus attorney's fees, using Jurist the job was also reduced to minutes. "We've released Jurist as a standalone product because we feel this will benefit the entire legal community -- whether they already use Ironclad or not," said Ironclad President Jeremy Smith. "We are committed to enabling legal teams with the products they need to drive tangible business impact, and we believe Jurist will make a lasting impact on the future of the legal field."

SiliconANGLE

Thu, 14 Nov, 6:12 PM UTC

How Entrepreneurs Automate Time-Consuming Tasks With the Latest AI

Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. When you're building your business or startup from scratch, the beginning stages can be overwhelming. You're expected to be a founder, marketer, analyst, and so many other roles all in one. But what if there was a way to free up some time and automate rote tasks? According to the MIT Sloan School of Management, generative AI can help entrepreneurs with time-consuming responsibilities like writing emails or coding their business's website. If you'd like to automate daily tasks that you'd have to perform yourself or outsource to a team, 1minAI's collection of AI models like ChatGPT, Gemini, and Midjourney is available for only $29.97 (reg. $234) just in time for Black Friday. The beginning stages of any business require all hands on deck, so let AI help. Start by selecting your AI-powered assistance from platforms like Leonardo.AI, Cohere, Claude 3 Opus, Llama 2 and 3, and more. If you need advice on planning your business's yearly or quarterly goals, or need assistance with applying SEO practices to your work, these AI chatbots offer smart and interactive answers to your questions. Entrepreneurs can enhance their business's footprint with a robust social media presence, and 1minAI's impressive AI writing tools may be beneficial. Rather than hiring an entire social media team -- which can be costly -- you can generate professional-sounding comments for LinkedIn, Facebook, and other social media platforms. You can also have them produce complete, clean blogs for your business' website or rewrite copy. If you're still in the brand-development process, this platform additionally offers photo creation and editing tools. Get unique logo ideas for your company, images for projects, or help with editing photos so they match your business's branding or social media feed. 1minAI is designed with features that are helpful for any entrepreneur and are always improving with weekly updates. It's no surprise G2 reviewed, "1min.ai rocks with its all-in-one AI toolkit, making life easier for creative tasks. It's super user-friendly, even for tech novices. Plus, you can tweak AI models to get better results." Let AI transform your daily business operations when you get a lifetime subscription to 1minAI, now just $29.97 (reg. $234). This unbeatable Black Friday offer ends December 1 at 11:59 p.m. PT.

Entrepreneur

Fri, 22 Nov, 4:25 PM UTC

Top 8 AI Tools for Legal Professionals

According to a 2024 generative AI report, the adoption of AI in the legal profession shows that 14% of law firm and corporate legal respondents are already using AI technology, 12% are planning to use it, 35% are considering whether or not to use it, and 40% currently have no plans to use AI. Additionally, 27% of legal industry respondents said they use open-source AI tools like ChatGPT today, while 43% plan to use legal-specific AI tools within the next three years. Here are a few AI tools for legal professionals to explore. Casetext Casetext, one of the best legal research tools on the market, and its new AI assistant has the potential to make it even more useful. Casetext speeds up the research process with its AI assistant called CoCounsel, which was developed in collaboration with OpenAI and built on top of GPT-4 with customizations for the legal industry. Casetext claims that CoCounsel can write and comprehend at a postgraduate level. Beyond legal research, CoCounsel can also help with reviewing documents, searching databases to discover relevant information, preparing for trial, summarising findings, and laying out the basics for a legal memo. Detangle.ai Detangle makes innovative use of AI technology to summarise lengthy legal research and transform complex jargon into plain English. By simplifying and explaining legal terminology, detangle helps one save thousands in legal fees and boost one's confidence in legal matters. The detangled document provides a concise 1-2 paragraph summary, so one can immediately understand the key points. With a simple interface, one can upload assets or paste URLs to get AI-generated summaries of lengthy documents, audio files, or videos, making complex legal jargon easy to understand. Amto Amto utilises 692 proprietary AI algorithms specifically trained for lawyers, to enhance online visibility, attract quality leads, and convert them into loyal clients. Amto combines human expertise with AI for superior legal marketing; expert lawyers curate content, while AI selects ideal keywords to target the audience effectively. It ensures all strategies comply with ABA guidelines, safeguarding the integrity of one's practice. The services include using generative AI based on ChatGPT for drafting legal documents, letters, and emails, providing instant revisions, recommending missing clauses, identifying research gaps, and creating client reminders for deadlines and important dates. AI Lawyer AI Lawyer is an innovative tool designed for everyone. It avoids expensive legal consultations, long waits for appointments, and confusing legal texts. It provides legal information and simplifies legal language for general audiences, supports lawyers in legal research and strategy development, and helps law students hone their research skills and gain insights into modern legal trends. AI Lawyer's best features include providing fast, easy-to-understand insights into complex legal issues, summarising uploaded documents, and creating simple legal agreements in minutes. Lawgeex Lawgeex contract review automation solution, powered by patented AI technology, reviews and redlines legal documents based on one's predefined policies. Unlike other solutions, Lawgeex comprehends contractual context and one's position, ensuring consistency across contracts, saving time and money, and expediting deal closures. This AI-driven tool supports high-volume contract analysis for non-disclosures, service agreements, and more. It integrates with popular CRM systems and other apps, allowing for automatic redlining via email or direct integration, making the review process efficient and seamless. Lex Machina Lex Machina, a legal analytics company owned by LexisNexis, leverages AI technology to review and sort court documents, enabling users to discover trends among parties, lawyers, judges, and courts. The data includes findings, damages, and case outcomes. Lex Machina continuously crawls databases such as the USPTO, ITC/EDIS, PACER, and state court data every 24 hours, ensuring the AI platform has access to the latest information on millions of cases. This comprehensive data collection allows Lex Machina to deliver a vast array of AI-driven insights. Law.co Law.co (AI) platform for lawyers and law firms, is designed to digitise and optimise legal operations. It automates and streamlines complex legal processes and research, while enhancing contract drafting and editing with the power of GPT. This powerhouse platform leverages AI to revolutionise law firms' operations, offering cutting-edge features like automated legal drafting, contract review, and enhanced legal research. Law.co also utilises GPT and an advanced semantic search engine, providing powerful access to queries with contextual understanding and continuous learning capabilities. Additionally, the platform is multilingual, making it an excellent choice for firms offering services in multiple languages. Harvey AI Harvey AI stands among other AI-driven legal tools for its predictive abilities. It dissects extensive legal databases, delves into case histories, and analyses legal trends to provide well-informed predictions about case trajectories. This enables proactive decision-making by leveraging data-driven insights, setting it apart as a distinctive advantage. Harvey AI's ability to detect early warning signs and suggest risk-mitigation strategies can revolutionise internal procedures. It goes beyond reactive legal actions, empowering organisations to make proactive decisions, a feature that marketers can highlight to showcase its unique benefits.

Analytics India Magazine

Fri, 19 Jul, 8:00 AM UTC

How AI Tools Improve Efficiency and Productivity of Lawyers

The use of AI in law practice brings up improvements for redundant work as well as the aptitude to look for information and the priceless point of view. Being used in procedures as diverse as assessing documents, improving the approaches to contracts and making communications with customers, AI is changing the whole spectrum of legal work. By applying these technologies, attorneys can increase productivity enabling them work more efficiently on matters of strategic value rather than reformatting documents. These developments, therefore, allow the expertise in law to stay ahead of the market so that legal professionals meet the current society's standard as well as the highest standards of quality. How Do AI Tools Automate Document Review and Analysis? AI tools like Kira Systems and Luminance utilize machine learning algorithms to automate the document review process. These tools can quickly scan and interpret large volumes of documents, identifying relevant information and flagging potential issues. By doing so, they significantly reduce the time lawyers spend on manual document review. For instance, AI can extract key clauses from contracts, identify inconsistencies, and highlight areas that require attention. This automation minimizes human error and ensures a higher level of accuracy and consistency. Additionally, AI-powered document analysis tools can learn from each review session, continuously improving their accuracy and efficiency over time. As a result, lawyers can focus more on strategic aspects of their work, such as advising clients and developing case strategies, rather than being bogged down by tedious document review tasks. How Do AI Tools Enhance Legal Research? AI-powered legal research tools like Ravel Law and Casetext revolutionize the way lawyers conduct legal research. These tools leverage natural language processing (NLP) to analyze legal texts, including case law, statutes, and regulations. By doing so, they can quickly sift through vast databases to find the most relevant information. This capability allows lawyers to build stronger cases more efficiently by accessing pertinent legal precedents and authoritative sources in a fraction of the time it would take using traditional research methods. Moreover, AI tools can understand the context and nuances of legal queries, providing more accurate and relevant results. This advanced level of research enables lawyers to develop more robust legal arguments and stay current with evolving legal standards. How Do Predictive Analytics Tools Assist Lawyers? Predictive analytics tools like Blue J Legal help lawyers by forecasting the likely outcomes of legal cases based on historical data. These tools analyze past case results and various legal factors to provide insights into the strengths and weaknesses of a case. For example, they can predict the probability of winning a case, estimate potential damages, or suggest the most effective legal strategies. By utilizing predictive analytics, lawyers can make more informed decisions, better assess risks, and optimize their case strategies. This data-driven approach helps in identifying patterns and trends that might not be immediately apparent through manual analysis. How Do AI Tools Streamline Contract Management? AI tools such as Evisort and LawGeex streamline contract management by automating various aspects of the drafting, review, and approval processes. These tools use natural language processing (NLP) to analyze contract language, identify key clauses, and suggest edits. They can also compare contract terms against a database of standard clauses or company policies to ensure compliance with legal and organizational standards. By automating these tasks, AI tools significantly reduce the time and effort required for contract management. They also enhance accuracy by minimizing the risk of overlooking critical details or inconsistencies. How Do AI Chatbots Improve Client Communication? AI chatbots like LawDroid and DoNotPay enhance client communication by providing instant, 24/7 responses to common legal queries. These chatbots can handle routine inquiries, such as questions about legal procedures, document requirements, and appointment scheduling. By automating these interactions, AI chatbots free up lawyers' time to focus on more complex tasks that require human expertise. Additionally, chatbots can assist with document preparation by guiding clients through the process of filling out forms or generating standard legal documents based on user input. This capability not only improves efficiency but also enhances the client experience by providing quick and accurate assistance. Furthermore, AI chatbots can integrate with other legal software, allowing for seamless data transfer and task management. How Do AI Tools Optimize Workflow and Task Management? AI-powered workflow optimization tools like ClickUp and Trello help legal teams manage their tasks more efficiently by automating routine administrative tasks, tracking deadlines, and facilitating collaboration. These tools use AI algorithms to prioritize tasks, assign them to appropriate team members, and monitor progress. They can also send reminders for upcoming deadlines, ensuring that no critical tasks are overlooked. By providing a centralized platform for task management, these tools enhance transparency and accountability within legal teams. How Do AI Tools Enhance Due Diligence? Due diligence is a critical aspect of legal practice, especially in mergers and acquisitions. AI tools like Diligen and Kira Systems automate the due diligence process by quickly analyzing large volumes of documents and identifying potential risks. These tools use machine learning algorithms to extract and review relevant information, such as financial records, contracts, and regulatory filings. By doing so, they significantly reduce the time and effort required for due diligence, allowing lawyers to focus on higher-level analysis and strategic decision-making. How Do AI Tools Facilitate E-Discovery? E-discovery is the process of identifying, collecting, and producing electronically stored information (ESI) in response to legal requests. AI tools like Relativity and Everlaw use advanced algorithms to streamline this process. These tools can quickly sift through vast amounts of data, such as emails, documents, and social media posts, to identify relevant information. By automating the initial review and categorization of data, AI tools significantly reduce the time and cost associated with e-discovery. They also enhance accuracy by ensuring that relevant information is not missed. Additionally, AI tools can perform complex searches using natural language processing (NLP) and machine learning, identifying patterns and connections that might not be immediately apparent.

Analytics Insight

Thu, 25 Jul, 6:01 PM UTC

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