In today’s fast-paced business world, time is of the essence. So, imagine being able to generate contracts in a matter of seconds, without the need for lengthy manual drafting. Thanks to the power of artificial intelligence (AI), this is now possible with an AI contract generator.
What is an AI contract generator?
An AI contract generator is a tool that automates the contract creation process using AI technology. By leveraging large language models (LLMs) trained on countless contracts, AI contract generators can quickly and accurately predict the content and structure of a contract. This means that businesses can generate contract drafts simply by prompting the AI.
How does it work?
The AI contract generator analyzes the data provided in a prompt and uses its advanced understanding of contract structures and terminology to generate a contract draft. Don’t worry, you don’t need any technical knowledge to use these tools.
For example, with Juro, a leading AI contract generator, all you need to do is submit a prompt asking for a contract or specific clause to be drafted. Based on your prompt and any additional conditions you’ve set up, Juro’s contract AI will draft the contract for you.
The benefits of using AI contract generators
1. Speeding up the contract drafting process
The most significant advantage of using an AI contract generator is the time-saving factor. Manual contract drafting can be a lengthy and arduous process, especially when there are no robust contract templates in place. With AI contract generation, you can streamline and automate this process, eliminating the need for lawyers to draft routine contracts from scratch.
2. Ensuring consistency in contract drafting
AI contract generators excel in delivering consistent contract drafts. Since they have been trained to recognize and replicate patterns within contracts, they can ensure standardization when automating routine contracts with default terms and low contractual risk. Platforms like Juro even allow you to set specific conditions and guardrails to maintain control over the output.
3. Empowering commercial teams with self-service contract creation
Traditionally, contract-related tasks have been handled by in-house legal teams. However, relying solely on legal teams can slow down contract workflows, as they are often burdened with low-value work. AI contract generators empower commercial teams to self-serve on contract creation confidently. This not only reduces blockers but also speeds up the entire process.
Are AI-generated contracts reliable?
Lawyers may have reservations about relying on AI to generate contracts, considering their critical nature and potential for mistakes. However, when used properly and with the appropriate oversight, AI-generated contracts can be extremely reliable. They offer a repeatable process for contract creation, enhancing the overall reliability of the contract drafting process.
It’s important to mention that AI contract generators should be implemented and used correctly to ensure their effectiveness. If you want to get the most out of these tools, Zenith City News recommends exploring platforms like Juro that combine AI capabilities with a browser-native collaboration platform, covering the entire contract lifecycle.
Looking to generate contracts with AI? If your business would benefit from creating, agreeing, and executing contracts up to ten times faster, Juro could be the perfect platform for you. With Juro, you can confidently self-serve on routine contracts using flexible templates and workflows, agree contracts faster with powerful AI functionality, sign contracts securely within the platform using native eSignatures, collaborate on contracts in real-time without leaving your browser, and manage contracts end-to-end in one unified workspace.
To learn more about how Juro can revolutionize your contract generation process, book your personalized demo.