Introducing Ironclad Contract AI, A Paradigm Shift for Contract Analysis

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Sep 07, 2023, 14:10 ET

Also known as Ironclad CAI, the product allows teams across the organization to generate complex contract analysis and data visualizations using an AI-powered chat interface

SAN FRANCISCO, Sept. 7, 2023 /PRNewswire/ -- Today, Ironclad, the leading digital contracting platform for modern legal teams, announced the beta launch of Ironclad Contract AI (CAI), a first-of-its-kind product that allows users to complete complex contract analysis across their contract database through an easy-to-use chat interface. The product introduces to the market the use of AI agents to handle complex multi-step analyses by breaking down tasks into subtasks, completing those subtasks, and then evaluating the results to inform the next set of tasks, and is the only legal product that allows users to see the exact steps it took to come to a certain conclusion.

"Ironclad Contract AI is a quantum leap for contracts," said Ironclad CEO and co-founder Jason Boehmig. "The most legal chatbots have been able to do is return a raw list of results, which still require in-depth analysis by a lawyer. CAI is able to comb through a corpus of contracts and actually do the reasoning required to answer almost any contract-related question—showing you the steps it took to reach that conclusion—and handing that analysis back to your legal team. Where most generative AI is a black box, CAI is an open book."

Ironclad CAI helps teams in any organization locate and analyze contracts faster by simply describing the contracts needed or asking questions—without needing filters, advanced keyword logic, or even training. Fully integrated with Ironclad's full stack analytics platform, Insights, CAI generates charts to visualize data for relevant questions. Users are granted almost unlimited flexibility in the types of questions they can ask, for example:

"I feel like my workload is bigger than normal. Have I been working on more contract workflows recently?"
"What contracts are my sales team on track to close this quarter?"
"Have we ever agreed to unlimited liability?"

"Contract analysts can spend months reading and analyzing contracts. It's really important work, but also incredibly time consuming," said Ironclad co-founder and Chief Architect, Cai GoGwilt. "CAI can handle very standard questions, like identifying the total value of contracts in a certain jurisdiction, but can also answer the tough, more creative contracting questions in a matter of minutes—in many cases providing answers you may have thought were not possible. For instance, our team asked CAI to justify a pay raise—and it was able to not only comprehend the question, but deliver a compelling argument based on contract turnaround times, TCV metrics, number of contract terms, and more."

Click here to learn more about Ironclad CAI.

Introducing Rivet: an open-source visual programming environment for building with generative AI
Ironclad also announced the launch of Rivet, a collaborative, open-source visual programming environment for building generative AI products—which was built, in part, to expedite the development of Ironclad CAI and enable step-by-step visibility into its process and analysis within the tool. Rivet allows developers to visualize and collaborate on building complex chains of logic, test and iterate on those products, and display the execution of the chain in real-time—all in a fully remote environment. Today, Ironclad has made Rivet available to the public, after beta testing the tool for five months with partners like AssemblyAI, Attentive, Bento, Willow, and Sourcegraph.

"Rivet's visual programming environment is a game changer," said Todd Berman, CTO of SMS marketing platform Attentive. "The visual nature of the tool, paired with how collaborative it is, allows us to create complex chains for AI agents in drastically less time than it would take in other environments. It completely opens up the black box on complex prompting – we've tried other graph-based prompt tools, and they don't hold a candle to Rivet. It's the best tool out there."

To learn more about Rivet, please visit rivet.ironcladapp.com.

New AI features for seamless contract upload and rigorous data extraction
Ironclad today also announced a number of new AI features, product updates and upcoming releases focused on uploading contracts to the repository quickly and easily, and extracting more data from those contracts. These improvements include:

Import contracts via email: simply forward contracts via email to a designated email address and Ironclad's AI-powered Smart Import will automatically tag, index, and store those contracts in the repository.
Extract data from legacy contracts: users will be able to tag and extract metadata from contracts that were uploaded to the repository without Smart Import.
Automatically identify discrepancies between metadata and contracts: Ironclad AI will detect whether metadata needs to be updated to reflect changes to a contract, whether from you or your counterparty. Users no longer need to manually track and compare metadata to contract text, so your process can be faster than ever.

With responsible use being a tentpole of Ironclad's AI strategy, the company has developed an industry-leading security framework for its AI solutions, focusing on data governance, sophisticated user access management and advanced data encryption to enable the privacy and security infrastructure that modern organizations require. Click here to learn more about Ironclad's approach on secure AI development.

About Ironclad
Ironclad is the #1 contract lifecycle management platform for innovative companies, powering billions of contracts every year. L'Oréal, Salesforce, OpenAI and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It's the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. In April Ironclad was named to the Forbes AI 50 2023 list, and was named a Top Company to Bet Your Career On by Business Insider in 2023. The company is backed by leading investors like Accel, Sequoia, Y Combinator, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and Twitter.

Media Contact:
Paul Chalker
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SOURCE Ironclad Inc.