Zurich, October 2, 2023 - Contract reviews are about to get even faster. Legartis, the well-known company for AI-assisted contract reviews, is the first organisation in the DACH region to integrate Large Language Models (LLM) into a contract review solution. The prompt-based automation function is now available to users. This allows any number of contract requests to be checked automatically. This saves valuable time and resources.
In many companies, legal departments are confronted with the daily challenge of checking contracts for compliance with company requirements. This process is time-consuming and error-prone, creating unnecessary legal risks for companies.
Prompt-based automation significantly reduces the time and risks associated with contract review. This innovative approach harnesses the power of large language models, which facilitate the automated recognition and validation of intricate contract stipulations such as grounds for termination and limitations of liability. Such recognition is achieved with a level of accuracy that is unprecedented. During contract reviews, users can swiftly bypass requirements that are clearly met, making it easier to spot potentially contentious clauses.
Gordian Berger, CTO, elaborates: "With prompt-based automation, we merge our AI's capability for clause classification with cutting-edge language models to automate substantial portions of the contract review process. This marks a transformative moment for the Legal AI industry."
The implementation of this solution is straightforward. Companies input their business criteria for each pre-defined clause into Legartis' contract manuals via specific prompts. Legartis' AI then learns to discern these criteria based on provided examples. Subsequently, the AI reviews each contract against these specified criteria, indicating whether they are met or not.
Dr. Marc Hansmann, Director of Legal & Governance at Arvato Supply Chain Solutions, shares his initial experiences with prompt-based automation: "We are amazed by the capability to define our desired level of automation in contract reviews. We delegate routine verifications to the AI, reserving our focus solely for the critical points of contracts. With this innovation, Legartis is setting a new benchmark for automated contract review."
"This breakthrough at Legartis signifies a crucial juncture," underscores David A. Bloch, CEO of Legartis: "We have seamlessly incorporated large language models into our software, offering tangible benefits to our clients. Our AI has evolved to become even more intelligent, versatile, and tailor-made to client specifications."
Legartis's adoption of leading-edge language models heralds a transformative epoch in contract review efficiency. Legal teams are unburdened, inaccuracies curtailed, and legal vulnerabilities mitigated.
Image material and further information: https://www.legartis.ai/ai-contract-review and https://www.legartis.ai/prompt-based-automation
For further details, please contact the experts at Legartis.