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Lexion Launches Stand-Alone Version of ‘AI Contract Assist,’ Expanding Gen-AI Powered Contract Review to a Broader Audience
SEATTLE, February 15, 2024 (Newswire.com) - Today Lexion, the AI-powered contract management and operations workflow platform, introduced a new stand-alone suite of tools to transform the way businesses manage contracts. AI Contract Assist substantially reduces the time legal professionals spend on repetitive contract review and management tasks, and accelerates redlining and drafting with a GPT-powered legal copilot that puts the power of generative AI inside Microsoft Word.
Initially launched in 2022, Lexion’s AI Contract Assist was the first GenAI-driven legal tech software available in the market. While these features were previously available to users of Lexion's end-to-end CLM platform, they are now available to anybody who deals with contracts.
AI Contract Assist offers four distinct contracting features:
- Review: Accelerates contract review by checking your contracts against predefined rules and playbooks. AI Contract Assist comes pre-loaded with five industry standard playbooks for common contract types, which can be easily edited, or new rules can be added from scratch. AI Contract Assist flags contract language that needs your attention and suggests redlines to bring it back into compliance.
- Ask: AI Contract Assist allows you to ask questions – in colloquial language – and get detailed, customized answers specifically relating to your contracts.
- Modify: AI Contract Assist generates redline recommendations based on your requests, to any language you select.
- Add: AI Contract Assist generates new clauses from scratch, so you never have to start from a blank page again.
AI Contract Assist was specifically designed to address the most prominent pain points identified by hundreds of legal professionals in Lexion’s recent ‘The Current State of Legal Tech’ survey. Half or more of respondents indicated that ‘removing repetitive tasks,’ ‘completing work more quickly and efficiently,’ and ‘improving work product consistency’ are specific benefits that legal departments expect from using AI software going forward. AI Contract Assist’s features deliver against all three areas.
“Our team of attorneys and contract managers used to spend too much time on trivial tasks,” said Vi Duong, Vice President of Legal at Adswerve, Inc. “Lexion’s AI Contract Assist is leading the curve in terms of cutting-edge AI innovation; it’s head-and-shoulders above other platforms because it meets our attorneys and contract managers where they are today, using tools that they’re already familiar with. By integrating seamlessly into Microsoft Word, the learning curve is negligible while the time it saves us on tasks related to contract review is substantial.”
“We regularly engage with thousands of attorneys who work in dozens of different industries, from retail to healthcare to biotech,” said Emad Elwany, CTO and co-founder, Lexion. “Yet they all share common complaints when it comes to contract review. AI Contract Assist alleviates these pain points by handling many of the tasks typically assigned to junior legal professionals. Leveraging Lexion’s award-winning AI, AI Contract Assist is a significant advancement that frees up legal professionals to focus on higher-level tasks while still negotiating the best contracts in a fraction of the time – and we’re thrilled to make it available as a stand-alone.”
In addition to making AI-powered contract review available to more legal professionals, Lexion’s stand-alone AI Contract Assist also offers an easy path to incorporate the full power of Lexion’s CLM later, should they need a platform to handle end-to-end contracting.
To learn more about AI Contract Assist, please visit this URL.
About Lexion:
Lexion is a powerfully simple operations workflow platform that helps every team do more faster, by streamlining and centralizing the contracting process in a system that works the way you do. We built Lexion at Paul Allen’s artificial intelligence research institute, with an experienced team from Microsoft, Facebook, Google, and Amazon. Top AI investors (including A16Z, Sequoia, and Goldman Sachs) voted Lexion as one of the top 40 Intelligent Applications to watch in 2022. Most importantly, fantastic brands trust Lexion to help them close deals faster, such as Outreach, OfferUp, FOX Factory, and many more. Visit https://lexion.ai for more information.
Contact Information:Forrest Carman
[email protected]
206-859-3118
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Original Source: Lexion Launches Stand-Alone Version of ‘AI Contract Assist,’ Expanding Gen-AI Powered Contract Review to a Broader Audience
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Holistic AI’s AI Governance Solutions Included in the OECD’s Trustworthy AI Toolkit
PALO ALTO, Calif., March 27, 2024 (Newswire.com) - Holistic AI, the leading provider of AI Governance for enterprises, is pleased to announce that several of its solutions have been included in the OECD's Catalogue of Tools & Metrics for Trustworthy AI.
In line with the OECD AI Principles, the trustworthy AI toolkit provides a one-stop shop for robust solutions to ensure and validate the responsible development and deployment of AI systems. This includes various socio-technical solutions covering the technical, procedural, and educational aspects of AI Governance, such as Risk Management.
Holistic AI's tools included in the OECD's catalog include:
- Holistic AI's Governance Platform is a proprietary, scalable solution for managing AI inventory, mapping risks, and facilitating compliance with AI regulations, such as the EU AI Act and NIST.
- Holistic AI Audits are customizable, tailor-made solutions for a deep-dive assessment of a system's risks driven by quantitative analysis.
- Holistic AI NYC Bias Audits are independent, impartial bias audits of automated employment decision tools for compliance with New York City Local Law 144.
- Holistic AI Open-Source Library is a Python library for assessing and mitigating bias in AI and machine learning models, including regression and categorical systems.
- Holistic AI Risk Mitigation Roadmaps guide enterprises to self-assess and mitigate risks associated with bias, robustness, efficacy, explainability, and privacy.
Holistic AI empowers enterprises to adopt and scale AI confidently.
Holistic AI is deeply committed to ensuring that AI can be relied upon to fulfill its transformative potential for society. We believe that the responsible development and deployment of AI, which begins with robust AI governance, is central to this goal. Our AI governance encompasses the principles and frameworks essential for ensuring the responsible and transparent use of AI and minimizing risks associated with its deployment.
Without effective governance practices in place, organizations expose themselves to potential legal, financial, and reputational risks stemming from misuse and biased outcomes generated by their AI systems. Thus, implementing AI governance becomes imperative to mitigate these threats and foster trust in AI technologies on a broader scale.
Holistic AI takes a proactive approach by collaborating with regulators, policymakers, enterprises, and academia to promote the advancement of responsible, risk-based, and globally applicable AI standards.
Contact Information:Namisha bahl
VP of Marketing
[email protected]
6465063960
Original Source: Holistic AI's AI Governance Solutions Included in the OECD's Trustworthy AI Toolkit