BREAKING: AI Negotiates Contract with AI, Eliminating Need for Lawyers!
In a groundbreaking development, artificial intelligence (AI) has shown the ability to autonomously negotiate a contract with another AI. British firm Luminance has developed an AI system called Autopilot that can analyze and make changes to contracts, eliminating the need for manual paperwork. According to Luminance’s chief of staff, Autopilot frees up lawyers to focus on more creative tasks.
No more paperwork!
Autopilot handles negotiations from start to finish, opening contracts in Word, negotiating terms, and sending them to be signed. This AI is not only legally trained but also understands your business. With Autopilot, lawyers can avoid getting bogged down in tedious tasks and focus on the work that truly matters.
More advanced than ChatGPT
Autopilot is a more advanced version of Lumi, Luminance’s chatbot that acts as a legal co-pilot. While Lumi allows lawyers to review parts of a contract and identify potential issues, Autopilot can operate independently without human intervention. However, human oversight is still possible, and the AI keeps a log of all changes made.
Speedy contract finalization
In a demonstration at Luminance’s London offices, Autopilot proved its efficiency. The AI negotiators swiftly analyzed clauses, made changes, and finalized a contract in just minutes. This technology has the potential to greatly impact businesses, as it eliminates delays caused by lengthy reviews and negotiation processes.
Say goodbye to NDAs
One area where Autopilot shines is with non-disclosure agreements (NDAs). These agreements often cause delays and hold up revenue and business partnerships. Autopilot can identify contentious clauses, suggest alternatives, and tailor negotiations based on specific company preferences.
Tailored for the legal industry
Experts believe that domain-specific AI tools like Luminance Autopilot are better suited for the legal industry than general-purpose platforms like OpenAI’s software. These specialized tools can leverage curated business data and deliver superior performance, benefiting lawyers and their clients.
The future of legal document analysis
Luminance, founded in 2016, provides AI-based software for legal document analysis. The company’s platform allows for the processing of large and complex sets of legal documentation, streamlining tasks and tracking progress. Luminance’s clients include major companies like Koch Industries and Hitachi Vantara.
Share your thoughts!
What do you think about AI negotiating contracts? Will this technology revolutionize the legal industry or replace lawyers altogether? Comment below and let us know your thoughts on this groundbreaking development!
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