How You Can Use AI to Automate Contract Drafting

Artificial intelligence (AI) is a huge trend in the tech industry and has become a key part of making business services more efficient and cost-effective. AI is becoming more popular in the legal sector to help speed up processes, particularly with drafting contracts and offering access to legal solutions without costing the world. In this article, we will explain how AI-driven software can help you significantly improve efficiency within your business or as a freelancer.

What Is Artificial Intelligence (AI) Contract Drafting?

AI can be used to draft legal contracts by using text-based machines and deep learning algorithms to extract important information to generate structured and unique content. This method is known as Natural Language Processing (NLP). 

Some AI-driven programs generate documents by asking questions about what the user wants to include in the content and adapts follow-up questions based on the answers given to meet the user’s particular needs. After the questionnaire is complete, the software produces a final ready-to-use contract.

What Are the Benefits of Automatic Contract Drafting for Small Businesses and Freelancers?

Automated contract drafting helps to simplify the process of drafting service agreements or confidentiality agreements which can be daunting for a small business or a freelance. Here are a few benefits:

Efficiency and Ease

A study conducted by EY Law found that 57% of business development leaders experience inefficiencies in their manual contracting process which ultimately affected their revenue. Automated software can help to increase efficiency when drafting contracts as it can process data and formulate it in a sophisticated way much quicker than humans can. In most cases, the contracts you draft as a small business are individual and each one has its own unique information. With AI-driven software, you can save time amending contract templates manually and instead input relevant information to be automatically drafted. 

Cost Effectiveness

By using AI-generated contracts, you are often able to cut expensive lawyer fees because the contract review time will be minimal and in some cases, non-existent. If you use contract automation tools like the Gerrish Legal Contract Portal, the contract information will have already been checked and drafted by a qualified lawyer and tailored depending on your specific interactions with the online bot. Therefore, you will find no hidden charges and you will not have to pay for a manual contract drafting service based on the amount of time the lawyer takes to tailor the details. 

Risk-Free & Increased Accuracy

You can lower the risk of human error by using AI-powered contract tools as the software won’t get tired or miss crucial information because it has been programmed to create accurate content. 

If you use a tool like the Gerrish Legal Contract Portal, the contract clauses and terms have already been pre-drafted by a qualified and experienced lawyer. This means that you can rely on the contract for your services and you have the option of speaking to a Gerrish Legal lawyer should you have any specific questions about your contract.  

Automate Your Contract Drafting With Gerrish Legal

Gerrish Legal has created an automation tool to help you prepare your own bespoke Service Agreements and Confidentiality Agreements through our Contract Portal. 

Generate your contracts with ease and efficiency by answering questions generated by our Gerrish Legal bot, your new digital lawyer. Our specialised contract lawyers have carefully pre-drafted contract clauses based on years of experience. The automated contract tool will use the pre-drafted terms, along with your specific answers to customise your unique contract. All you have to do is input the necessary information and then you will instantly receive the final contract straight to your inbox saving time, effort and minimising mistakes.  

You and your contracting party will have a secure and coherent agreement that you can rely on, giving you the peace of mind you need when doing business with third parties.  If you want to benefit from our automated contract drafting tool, you can access our contract portal here. You can also book a 30-minute consultation with one of our human lawyers if you need any bespoke advice!

How Can Gerrish Legal Help?

Gerrish Legal is a dynamic digital law firm. We pride ourselves on giving high-quality and expert legal advice to our valued clients. We specialise in many aspects of digital law such as GDPR, data privacy, digital and technology law, commercial law, and intellectual property. 

We give companies the support they need to successfully and confidently run their businesses whilst complying with legal regulations without the burdens of keeping up with ever-changing digital requirements.

We are here to help you, get in contact with us today for more information.