SpotDraft VerifAI's Guidelines Feature
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A SpotDraft VerifAI's Guidelines Feature is a Contract Management Software Feature that facilitates the enforcement of standardized contract criteria.
- Context:
- It can (typically) serve to ensure that all contracts adhere to recommended standards, thereby maintaining consistency and compliance across legal documents.
- It can (often) offer more flexibility compared to rigid rules, as it allows for adjustments based on specific business nuances and contract negotiation contexts.
- It can be particularly useful in scenarios where varying guidelines need to be applied to different types of contracts or negotiation circumstances, thus supporting tailored contract management strategies.
- It can assess the applicability of guidelines within a contract as either "Met" or "Not Met," providing clear metrics for compliance.
- It can support handling guidelines that not relevant to a specific contract (in which case it will be marked as N/A Not Applicable).
- It can support VerifAI Guidelines, such as:
- “
The confidentiality obligation should be mutually applicable." - “
The contract duration should be a minimum of 5 years." - “
The service provider's liability should not exceed the value of the contract"
- “
- ...
- Example(s):
- Counter-Example(s):
- See: Artificial Intelligence in Contract Management, Contract Compliance Management, Contract Standardization.
References
2024
- https://help.spotdraft.com/verifai/mPAqzponp8DK5RUjjqjMBi/best-practices-for-verifai-guidelines/j4vEYnULttSELjQ8oLJZQV
- QUOTE: A guideline, in the context of VerifAI, is a recommended principle or standard that parties strive to follow. While similar to a rule, a guideline offers more flexibility because real-world contract negotiations often require consideration of specific business nuances.
- Examples of Guidelines:
- “
The confidentiality obligation should be mutually applicable." - “
The contract duration should be a minimum of 5 years." - “
The service provider's liability should not exceed the value of the contract"
- “
- NOTES:
2024
- https://www.spotdraft.com/blog/introducing-verifai-by-spotdraft
- QUOTE: VerifAI lets you use plain english to codify your unique approach into customized review guidelines. It then reviews contracts against these guidelines, and highlights deviations.
