AI Contract Drafting Tool/How to Use AI to Draft Contracts

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AI Contract Drafting Tool/How to Use AI to Draft Contracts

In this comprehensive guide, we will show you how to use AI to draft contracts effectively. This process will save you a considerable amount of time. To do this, we will be using Microsoft Word in conjunction with an AI software called Clause Buddy.

Setting up Clause Buddy in Microsoft Word

  1. Installing Clause Buddy:

    • Go to the "Add-ins" section in Microsoft Word.
    • Search for "Clause Buddy."
    • Follow the prompt to create an account; the setup takes around 2 minutes.

  2. Navigating the Home Section:

    • After setting it up, this is what the home section will look like.

Using the Drafting Features

Compose Documents

  1. Complete Document Composition:

    • Clause Buddy allows you to choose from various types of agreements.
    • Fine-tune these agreements to meet specific requirements for your jurisdiction and contract type.

  2. Using Prompts:

    • If you fail to find the type of agreement you need, use the "Prompt" feature.
    • Similar to how you'd use ChatGPT, type a prompt specifying the language, number of sections, and style.
    • Click "Draft" to start the AI drafting process.

  3. Clause Suggestions:

    • As the AI drafts the contract, it will suggest various clauses.
    • Click on "Library" within any section to read through pre-existing clauses.
    • Select and insert the appropriate clause into your contract.

  4. Adding Specific Clauses:

    • If certain clauses you need don’t exist in the library, use the "Auto Draft" feature.
    • Prompt the AI to draft a unique clause for you.

Saving and Editing Clauses

  1. Saving Clauses:

    • Save frequently used clauses to your playbook for future use.
    • This reduces the time needed for drafting these clauses from scratch.

  2. Editing Clauses:

    • Use the pencil icon to edit the text in Microsoft Word.
    • The screwdriver icon is there to refine (redraft) sections as needed.

Exporting the Draft

  1. File Export:

    • Change font and font size if needed.
    • Hit "Export" to get the finalized contract document.

  2. Pre-Review Highlights:

    • The exported document will have highlighted sections that need further review (e.g., specific addresses, dates, amounts).

Additional Features for Contract Review

  • Once drafted, you can use the “Contract Review” section for in-depth analysis.
  • Set custom review rules for the AI:
    • Check for inconsistencies.
    • Missing information.
    • Other specific requirements.

Using Templates

  • Choose popular agreements like consultancy agreements.
  • The software will provide similar drafting and reviewing capabilities.
  • Auto-draft features come in handy for missing sections.

Cost

  • For all these features, the AI tool costs $ 30 a month.

Keywords

  • AI Contract Drafting
  • Clause Buddy
  • Microsoft Word
  • Auto Draft
  • Clause Library
  • Contract Review
  • Legal Automation

FAQ

  1. How long does it take to set up Clause Buddy in Microsoft Word?

    • Approximately 2 minutes.

  2. Can Clause Buddy draft an entire contract in one click?

    • No, it offers guided automation and suggests clauses for various sections to ensure comprehensiveness.

  3. Is Clause Buddy only for US and European clients?

    • While it is mainly for US and European clients, it can be used in other jurisdictions as well.

  4. What is the cost of using Clause Buddy?

    • The AI drafting tool costs $ 30 a month.

  5. Can I save custom clauses in Clause Buddy for later use?

    • Yes, you can save frequently used clauses to your playbook for future reference.

  6. How does the contract review feature work?

    • You can set specific rules for the AI to review, checking for inconsistencies and missing information among other criteria.

  7. Does Clause Buddy provide templates?

    • Yes, it offers various agreement templates like consultancy agreements that can be customized as needed.