Drafting Contracts with AI

No matter if you’re an independent freelancer, a startup on the rise, a small business, or a well-established corporation, one thing is clear – some documents stand above all when it comes to sealing the deal with your clients: the contracts.

But as crucial as it might be, ask any person, and they will tell you how tedious and time-consuming drafting a contract can be—navigating through the legal jargon, deciphering complex clauses, and spending countless hours meticulously crafting every word and sentence. These are just a few of the regular steps that every one of us who deals with contracts must go through. Unfortunately, the process is even more complicated for those of us who don’t have a legal background or extensive experience in contract law but still have to draft one.

Of course, many of us might go for contract templates. Let’s face it – how many of us didn’t Google before “contract template example”? Indeed, these might be life-saving for most. But in most cases, these contract templates we find on a simple Google search are sometimes extremely general and don’t reasonably address the specific clauses or terms for our unique situations. Occasionally, we even realize that starting from scratch is better. They can be a good starting point, but they often require a lot of customization and revision to make sure we’re not left vulnerable to potential legal issues down the line.

However, with the advancement of technology, artificial intelligence (AI) has also started being introduced in the legal world – especially helping us automate drafting contracts.

Thanks to specialized software programs like DocuSign, the once-daunting task has become more accessible for everyone and incredibly less intimidating for those who are just starting their careers and want to automate contract management. These AI-powered tools can help us automate contract drafting and are designed to simplify the process and provide us with a user-friendly interface that guides us through the necessary steps of automating contract management.

Imagine that you have to sign a contract with a new client. You’ve never dealt with this particular client before and never had to draft a contract for this type of project, either. The pressure is on to create a professional and legal agreement without making any mistakes. After all, you wouldn’t want to look poorly in front of your clients or put your business at risk. So what do you do?

Although you might be dealing with unfamiliar territory, the availability to automate contract drafting can significantly ease your burden. You no longer have to create a contract alone or go through the entire (tedious) process when you have contract automation. Now, you and other legal professionals can leverage intelligent algorithms for automating contract management – you introduce your details and add or remove specific terms that you might or might not need.

In just a few clicks, with the help of contracts automation, you have your contracts right before your very eyes. So, a task that would’ve taken you an hour to complete, you just finished in less than 5 minutes.

Automating contract management frees up our time so that we can focus on the more strategic aspects of our work – whether negotiating terms or ensuring compliance. When we automate contracts, we can enjoy a cup of coffee without this worry in the back of our minds. There’s no denying that the introduction of AI-powered automated contract drafting in our legal operations can take a lot of concerns off our hands – as a freelancer, business owners, or even legal professionals.

Whether we use a pre-built template or build it from scratch, there are many tools that are equipped with pre-drafted clauses and terms to add when we automate contract management. We input the relevant details and preferences, such as the parties’ names, the scope of work, payment terms, and other specific requirements, and we’re good to go! The contract automation software immediately generates a customized contract that fits your needs.

Even more so, we know how difficult it is to deal with legal language – especially when you don’t have that much expertise. But don’t worry! The software takes care of the legal language and ensures that the clauses align with your specific needs. It relieves us from the burden of understanding complex legal terminology or consulting with legal experts for every contract. This can get extremely expensive.

But the tools that helps us with automated contract drafting takes on the responsibility of ensuring that not only our contract meets legal standards but also incorporates essential provisions. Whether specifying payment terms, outlining deliverables, defining intellectual property rights, or even flagging potential inconsistencies or errors, at the end of the day, you can be confident that your contract is well-structured, legally sound, and compliant with your and your clients’ needs.

Gabriel Pană
January 19, 2024

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