For most people, contracts are essential, but they’re also usually complex, boring to read and hard to parse. Adobe Acrobat AI Assistant now offers new capabilities to help business people quickly and easily understand a single contract and compare multiple contracts.
“Many professionals already use Adobe Acrobat to review and sign agreements with a click of a mouse or a tap of a phone. With contract intelligence now built into Acrobat AI Assistant, the full contract workflow is getting easier and faster than ever before,” says Dax Data CEO, Dominic Richardson.
Introducing new contract intelligence in Acrobat AI Assistant
The capabilities include:
- Contract intelligence: Acrobat AI Assistant automatically recognises when a document is a contract and tailors the experience, generating a contract overview, quickly summarising information and recommending questions specific to customers’ documents.
- Straightforward explanations: Acrobat AI Assistant generates summaries and responses with clear language and clickable citations, making it fast and easy to navigate to the source and verify responses.
- Compare and contrast: Quickly see differences between versions, check for consistency and catch discrepancies across up to 10 contracts – including scanned documents.
Adobe Acrobat also includes secure sharing and signing, making it simple for customers to easily review contracts with stakeholders and request e-signatures all in one application.
The benefits of using AI tools in contracts:
Helping consumers gain clarity on contracts, faster
Seventy-two percent of consumers believe that having AI helps with things like summarising and comparing contracts, giving them more confidence in their ability to better understand the variety of agreements they regularly encounter. For example, when reviewing an apartment lease, AI tools can highlight key details like deposit rules and pet policies.
Small business owners can navigate key clauses with one click
Small business owners encounter contracts more often than any other group surveyed, with 91% working with contracts at least monthly.
When it comes to contracts, a strong majority of small business owners believe AI tools can help them better understand the details and differences. For example, AI can make it simpler to compare between vendor agreements to determine which one offers the best terms or prepare to review a new partnership agreement with their attorney.
Knowledge workers and tech leaders accelerate reviews
Ninety-six percent of technology leaders say AI would make them more confident in their employees’ ability to understand and execute contracts responsibly. For example, marketers can easily identify differences or changes between scopes of work and quickly find the details of brand and advertising partnerships, and finance teams can accelerate reviews of sales contracts and vendor agreements.
Contracts, simplified
Austin Bailey, who oversees compliance and operations at a real estate development firm, has seen substantial time savings since adding the tool to his contract review process.
“Using Acrobat AI Assistant to review contracts saves me more time than I expected! I used to allow 30 to 45 minutes per contract for an initial review. Now, I can do it in eight to 10 minutes simply by clicking in on the key summary bullet points that AI Assistant brings to my attention,” Bailey says. “The compounding time savings is huge. It will pave the way for our company’s growth.”
The road ahead: Embracing AI in contracts
By using the analytic powers of the new Acrobat AI Assistant experience, available on desktop, web and the Adobe Acrobat Reader mobile application, professionals can now focus on the most important contract terms.
Contact Dax Data for details on plans and pricing. Turn what was once a source of stress into an opportunity for inquiry, clarity and confidence.
* Acrobat AI Assistant can provide helpful insights but should not be used as a substitute for professional legal advice.
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