by Lucia Maffei, BostInno
Full disclosure: I’m not writing this story by myself.
While I’m typing on the keyboard, Grammarly – a free extension for Chrome – works on background checking grammar, spellings and punctuation. Typos are underlined in red: for each mistake I make, “Did you mean” windows appear with a list of suggestions.
The Klarity software works similarly, with two major differences. First, its focus is not on the grammar of the English language, but on the legal jargon that populates sales contracts. Second, it’s not available for free – the startup that’s developing it just went through the “delta v” program at The Martin Trust Center for MIT Entrepreneurship and is planning to sell its cloud-based software to enterprise software companies first.
The goal of the program, which is powered by artificial intelligence, is not taking the place of legal professionals, but speeding up the contract review process, which lawyers and salespeople tend to consider a tedious, time-consuming task.
“We think that by removing the need to do this mundane, repetitive work, we will free up [lawyers’] time to do more impactful work,” Andrew Antos, co-founder of Klarity and Harvard Law graduate, said in an interview.
To finalize a deal, both parts need to carefully review the documents to check that every legal detail is in place. Imagine people stuck at their desks, with a pile of papers next to them. “By applying our software, they’re able to do that within twenty seconds, instead of two days,” Antos said.
When salespeople receive the contracts, all they have to do is upload the files on Klarity and run the software. Following a comparison with the company’s policy, Klarity reaches the conclusion whether salespeople can go ahead and sign, or not. If not, the software provides suggested corrections – like Grammarly would do with grammar mistakes.
Read the full piece at BostInno