Contract drafting is an exacting process that requires precise legal language and careful analysis to ensure that provisions will survive a court challenge. You can tell if your document is similar enough to previous ones to meet current legal standards, but it's harder to tell if you're missing important pieces.
What if a piece of software could do it for you? That's what ex-tax lawyer Kingsley Martin was thinking when he developed Kiiac.
What's Kiiac? It's software that uses statistical analytics to evaluate contracts and gives lawyers feedback on what it finds.
Because of time constraints, lawyers generally only compare their drafts with a relatively small number of contracts when checking for validity. But Kiiac (which stands for knowledge, information, innovation, and consulting) checks your draft document against hundreds of other contracts to see how the language stacks up.
The software can recognize duplicated or added terms, as well as evaluate the contractual language to see how common or uncommon it is, reports the ABA Journal.
That means lawyers can spend more time on adding value to the contract and working in negotiations rather than on reviewing terms. While it's important to review the language for enforceability, the software can do it faster and leaves attorneys with more time to do a subjective analysis.
The only downside to the software is the cost. Because of Kiiac's small-scale operation, it's very expensive to evaluate contracts and it's not necessarily accessible for solo practitioners and small firms.
Still, Kingsley Martin's goal is to make it more widely available and at a more affordable cost, according to the ABA Journal.
In the meantime, Martin also owns a free website called Contract Standards that has some contract analysis capability. While it's not as powerful as Kiiac, it's still worth checking out.
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