As the contract lifecycle management company Ironclad is today releasing its AI redlining tool AI Assist out of beta, is has revealed that the tool is powered by OpenAI's GPT-4, making it what Ironclad says is the first contract redlining application powered by the latest version of Open AI's generative AI. "The results with AI Assist have been beyond what we could even have imagined," said Ironclad CEO and co-founder, Jason Boehmig. "An initial pass at contract redlining usually takes about 40 minutes. Already, some large enterprises are using Ironclad AI to review over 50% of their incoming contracts, so the compounding business impact there is unprecedented." Although Ironclad says that this is the first redlining tool to use GPT-4, Casetext's CoCounsel, which is built on GPT-4, has capabilities for checking contract policy compliance and suggesting redlines to bring contracts into compliance. It should also be noted that there are other contract redlining tools on the market that use AI, but not GPT-4.

Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Ironclad yesterday unveiled a new version of its contract platform embedded with an AI layer in an effort to improve business workflows throughout the lifecycle of a contract. Organizations can create contracts 60% faster by automating the contract creation process, according to Jason Boehmig, the company's CEO and co-founder. They will also have the capability to "slice and dice" all the operational data in previously executed contracts, he said.