ARLINGTON, Va., Oct. 3, 2024
/PRNewswire/ -- Bloomberg Law today
announced Contract Assistant (beta), a new generative AI
conversational search tool for Bloomberg Law Contract Solutions
that simplifies contract analysis for in-house counsel. For more
information and to schedule a demo, visit
https://aboutblaw.com/bfPe.
Contract Assistant quickly surfaces key information from lengthy
contracts, identifies and summarizes the key provisions, and gives
the user the option to learn about specific areas of a contract
such as amendments, expiration dates, and renewals. It also allows
users to pose questions about a contract in its entirety, such as
"as the representative for the buyer in this agreement, which
provisions should I pay closest attention to during negotiations
and why?" This allows users to fast-track review of key aspects of
the contract. Contract Assistant's plain English responses are
clearly formatted and use easy to identify internal references,
citing where in the contract the information is found. It offers
guidance if a question can't be fully answered.
Bloomberg Law will be previewing
the new Contract Assistant at the Association of Corporate Counsel
Annual Meeting in Nashville
October 6-9.
Bloomberg Law Contract Solutions streamlines processes, reduces
risks, and improves the overall efficiency of legal services within
an organization. Following the release of Clause Adviser earlier
this year, Contract Assistant is the second generative AI drafting
enhancement for Bloomberg Law Contract Solutions, continuing
Bloomberg Law's commitment to
leveraging the latest technology, to solve attorney workflow
problems.
"Contract Assistant not only simplifies the contract review
process but also boosts the operational efficiency of legal teams,
enabling more precise and effective contract analysis and
negotiation," said Todd Barton, vice
president of product, Bloomberg Law.
"This addition to Bloomberg Law Contract Solutions underscores our
dedication to continuous innovation and to addressing the dynamic
needs of in-house counsel."
"We're really impressed with Bloomberg
Law's Contract Assistant. As a team that regularly handles
large, complex contracts, the tool's ability to provide a
high-level overview and identify missing or risky provisions will
be incredibly useful," said an associate counsel at a prominent
multi-industry company. "Being able to ask specific questions, such
as 'What should we focus on during negotiations?' can help us
streamline the review process and ensure we don't overlook key
details. We look forward to incorporating it into our workflow to
enhance our contracting efficiency."
A new product launched in 2023, Bloomberg Law Contract Solutions
features a secure centralized repository, seamless integration with
Microsoft Word, advanced analysis tools, and AI-powered extraction
of key contractual terms. It helps in-house contract teams
significantly reduce the time and resources spent on
contract-related tasks, improve compliance and risk management, and
contribute to the overall strategic goals of their
organization.
About Bloomberg
Law
Bloomberg Law
combines the latest in legal technology with workflow tools,
comprehensive primary and secondary sources, trusted news, expert
analysis, and business intelligence. For more than a decade,
Bloomberg Law has been a trailblazer
in its application of AI and machine learning. Bloomberg Law's deep expertise and commitment to
innovation provide a competitive edge to help improve attorney
productivity and efficiency. For more information,
visit Bloomberg Law.
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SOURCE Bloomberg Law
