Driving Efficiency in Legal Negotiations: One Clause at a Time
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In the modern business world, time is a precious commodity. Yet, professionals often find themselves caught in the archaic and time-consuming process of reviewing and negotiating legal documents. The traditional method of sending documents back and forth, waiting for each party to complete their review, and managing numerous email threads and document versions, results in a significant waste of time and resources. This problem persists regardless of whether a business has an internal legal team or not. We, at Genie AI, understand these challenges and have developed an innovative solution to streamline the process and save businesses valuable time.
Faster Negotiation with Real-Time, Asynchronous Document Review
Here's where we introduce the newest feature on our platform that allows for real-time, asynchronous document review and negotiation. Users can now select one of three icons - "Agree, Disagree, or Unsure" - while going through a document, clause by clause. This visual aid not only helps users understand the progress of the document review but also facilitates faster and more efficient negotiations.
Rather than waiting for one party to complete their review of the entire document, multiple parties can now mark up the same document simultaneously, approving or rejecting sections as they go along. This feature breaks down documents into smaller, more manageable components, leading to more accurate work and significant time savings.
Enhanced Document Review with Privacy and Progress Tracking
For users who prefer the privacy and comfort of reviewing a document on their own, our new feature is equally beneficial. It allows them to chart their progress through solo document reviews, making it easy to keep track of how much of a lengthy document has been reviewed, especially during multi-session reviews.
Whether you're part of a team or working alone, this feature enhances your document review process. It provides a clear roadmap of your progress, making it easier to navigate through complex legal documents and ensure nothing important is missed.
Risk Identification and Clause Revision
In addition to accelerating the negotiation process, our new feature also helps identify high-risk clauses. The AI "Review" feature marks up and adds comments to such clauses, indicating where users should exercise caution before agreeing. Moreover, our feature facilitates clause revision, allowing users to amend clauses they are not in agreement with and send them back for review, all independent of any legal fees.
This feature is not only a negotiation tool but also a risk management tool. It helps users negotiate better, understand the implications of their agreements, and make informed decisions.
The Future of Genie AI: Pioneering AI Negotiation
Our new feature sets the groundwork for future AI negotiation capabilities. By creating the infrastructure needed for AI to negotiate with counterparties, we are paving the way for a whole new mode of negotiation that promises to revolutionise legal document review and negotiation.
With over 40,000 users already benefiting from our platform, we are committed to continuously innovating and improving our services. Our end goal is not just to save time and reduce costs for businesses, but to fundamentally improve the structure of legal deals from the ground up.
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