In a significant advancement for the field of Contract Lifecycle Management (CLM), Agiloft, a global leader in data-first CLM software, has announced the launch of its new generative AI (GenAI) capability. This innovative feature is set to revolutionize the way legal and contract teams negotiate, review, and redline contracts, offering a solution to the often tedious and prolonged redlining process.
Transformative Technology for Contracting
Agiloft’s GenAI capability is designed to understand approved clauses, review third-party contract language for misalignments, and compose redlines that blend third-party language with legal’s preferred phrasing. “This greatly reduces the back-and-forth negotiations between parties, providing an express route to contract execution,” said Andy Wishart, Chief Product Officer at Agiloft.
Empowering Legal and Contract Teams
The new GenAI feature allows users to leverage language from their clause library or create new content that matches their terms while closely conforming to the text of the contract under negotiation. Eric Laughlin, CEO at Agiloft, emphasized the role of AI as a “force multiplier” to assist customers in solving their biggest contracting challenges. “We see AI as an enabling technology that will supplement human decision-making, not replace it,” he added.
User-Centric and Pragmatic Approach
Andy Wishart highlighted the human-centric design of the new feature, which has been integrated into Microsoft Word to assist contract professionals in aligning clauses with their organization’s acceptable terms. “Users may accept, reject, or modify suggested redlines, keeping users in control over the contracting process,” he explained.
A New Era in Contract Lifecycle Management
Jim Leason, an experienced leader in digital change in professional services, expressed his excitement about the new feature. “It has been thoughtfully designed into Agiloft’s Microsoft Word add-in as an option to align a clause in your clause library with the contract clause you are reviewing,” he said. Leason also hinted at more developments to come, describing the feature as “the plumule of a new shoot system sprouting from the Agiloft platform.”
Commitment to Excellence
The launch of the GenAI redlining capability is part of a series of GenAI features on Agiloft’s 2024 roadmap. It follows the release of Agiloft AI Trainer in August 2023, which empowers non-technical users to customize their contract review and analysis. This continuous innovation underscores Agiloft’s commitment to product excellence and its ability to improve user experience, develop new features, and enhance core infrastructure simultaneously.
