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.
