Spellbook - AI Contract Drafting & Review Assistant

Science & Technology

Spellbook - AI Contract Drafting & Review Assistant

Spellbook is an AI contract drafting assistant powered by GPT-3. GPT-3 is an advanced large language model created by OpenAI. It has been extensively trained on thousands of contracts, as well as books, Wikipedia, and the vast knowledge base of the internet, to ensure it understands context and nuances in language.

Spellbook integrates seamlessly with Microsoft Word to serve two primary purposes:

  1. Suggest Language: Offers language suggestions for various sections of contracts.
  2. Provide Insights: Leverages Rally’s growing repository of informational models to provide insights on the contracts.

How Spellbook Works

Let's dive into the details with an example of a standard SaaS service agreement. Suppose we have some basic confidentiality language that needs to be made more robust. Here’s how Spellbook can assist:

  1. Drafting New Language:

    • Example: Enhancing the section on the return and destruction of client data.
    • Steps: Provide a hint for what’s needed, click “cast,” and Spellbook generates the necessary language. You can also undo and regenerate new ideas to perfect your contract.
    • Outcome: Spellbook provides valuable starting points that serve as creative “marble” to carve into precise legal language.

  2. Drafting Multiple Sections:

    • Example: Include encryption for client data, breach notifications, and storage restrictions to within the United States.
    • Steps: Provide detailed instructions, give the section a heading, and click “draft.”
    • Outcome: The AI drafts multiple sections at once, addressing the specified criteria and even adding some extra language for thoroughness.

Spellbook Insight Modes

Spellbook’s Insight features can help generate summaries, simplify explanations, and highlight negotiation points:

  1. Term Summary:

    • Example: Spellbook autonomously identifies the most critical terms in the contract.

  2. Explain to a Five-Year-Old:

    • Example: Spellbook simplifies the contract into easily understandable terms, such as explaining a contract between two companies and their agreement on payment for a software platform.

  3. Negotiation Points:

    • Example: Spellbook suggests potential points for negotiation, ensuring no important aspects are overlooked and tackling the "blank page" problem.

Real-World Examples

  1. Employment Agreement:

    • Example: Add bonus-related language or enhance the termination section.
    • Steps: Provide direction, click “cast,” and adjust as needed.

  2. Versatility:

    • Spellbook works with various agreement types including contractor agreements, term sheets, NDAs, and data processing agreements.
    • It combines feedback and guidance to ensure the drafts meet specific requirements.

Spellbook is currently in early access. You can join the waitlist at spellbook.legal.

Keywords

  • AI contract drafting
  • GPT-3
  • Microsoft Word
  • SaaS service agreement
  • Term summary
  • Negotiation points
  • Employment agreement
  • Early access
  • Confidentiality language
  • Contract insights

FAQ

Q1: What is Spellbook? A1: Spellbook is an AI-powered assistant designed to help draft and review contracts by providing language suggestions and insights within Microsoft Word.

Q2: What is GPT-3? A2: GPT-3, created by OpenAI, is a large language model that has been trained on a vast array of texts, including contracts, books, and internet data, to understand and generate human-like text.

Q3: How does Spellbook improve contract drafting? A3: Spellbook offers language suggestions, drafts multiple sections based on instructions, and provides summaries and negotiation points to enhance and simplify the contract creation process.

Q4: How can Spellbook simplify contract terms for better understanding? A4: Spellbook can explain contracts in simpler language, akin to explaining the terms to a five-year-old, making complex agreements easier to understand.

Q5: What types of agreements can Spellbook assist with? A5: Spellbook can work with a variety of agreements, including SaaS service agreements, employment contracts, NDAs, contractor agreements, and more.

Q6: Can I access Spellbook now? A6: Spellbook is in early access, and interested users can join the waitlist by visiting spellbook.legal.