ContractKen

ContractKen is an AI copilot for contract review and drafting. Its mission is to amplify and simplfy.

Its designed to help lawyers amplify their expertise while simplifying the use of AI in contracts. The flagship product is a Microsoft Word add-in which combines best-in-class AI models (for e.g. o3 from OpenAI), intuitive user experience and well-researched playbooks.

What problems are solved by ContractKen?

Contract drafting and review are labor-intensive tasks that require precision and consistency. Lawyers often struggle with identifying the best clause language, managing clause repositories, and ensuring compliance with internal playbooks or guidelines. Many organizations, especially law firms, lack the time or resources to build comprehensive clause libraries, making it challenging to ensure reliable and efficient contract workflows.

ContractKen’s tries to address these challenges by enabling lawyers to draft and review contracts efficiently and consistently using LLMs. This must be accomplished while using their existing internal knowledge assets such as clause repositories, playbooks, and checklists, all in one active, living document. The platform eliminates the need for extensive training on new interfaces, integrating seamlessly into the tools lawyers already use.
 
What are the main use cases addressed by ContractKen?

1. Contract Review & Redlining: Leverages AI to identify, locate, explain, mitigate and redline edit key risks, ambiguous terms, missing clauses, etc. in the contract.
2. Integrate your Playbooks: Run drafts against your organization checklists or playbooks. Screen for terms / clauses which comply or deviate from approved standards and make a redline edit. Download the report within minutes.
3. Precedent based Drafting: Use your trusted precedents to create first drafts. Add instructions manually or upload term sheet, and let AI do the rest. Reduce time to first draft by up to 80%.
4. Formatting & Proof-Reading: Identify and navigate to all typical errors or oversight related to Defined Terms, Clause References, Money / Dates / To-do’s, etc., that creep in while the contract goes through multiple revisions / review cycles. This helps speed up the final check list work significantly

These use cases highlight the platform’s focus on pre-signature contract workflows, addressing tasks that traditionally consume significant time and resources.

How AI powers ContractKen?

ContractKen leverages a combination of proprietary models and best-in-class publicly available LLMs to address key pain points, including:

• Specific identification & pinpointing of risks: Word add-in helps lawyers identify key risks buried deep inside large documents, and apply redline edits with surgical precision
• Deep analysis & redrafting support: Enables users to select any clause in the contract and understand it deeply, compare against industry standards or redraft with specific instructions
• Combine precedent and term sheet documents: Lawyers love using their precedents to create first drafts for new deals. Using ContractKen’s user can upload a precedent, write out instructions (for changes required) manually and ask AI to create the first draft. User can also upload a term sheet, which will automatically be interpreted by AI and converted into a set of instructions to arrive at the new draft within minutes.
• Build Clause Libraries out of Contract Repository: Generative AI for Drafting: ContractKen’s clause recognition, labeling and organization capabilities helps teams build a Clause Library using their set of Golden Contracts within a few minutes.

What are ContractKen’s differentiators?

ContractKen’s competitive edge lies in having a dual focus on customization and reliability, while putting additional effort into meeting customers’ data privacy needs. Key factors that differentiate us from competitors include:

1. Customization: Unlike many other out-of-the-box solutions, ContractKen offers extensive customization to meet specific client needs. This includes building bespoke clause libraries, developing and implementing playbooks within Microsoft Word, and tailoring workflows to align with client requirements. Being small and eager to engage with customers allows ContractKen to have an operational model that is built around customization.
2. Reliability and Accuracy: The platform features internal benchmarking initiatives to ensure high levels of accuracy and consistency. By working closely with domain experts and customers, ContractKen continuously refines its algorithms to deliver reliable results. Combining this constant refinement with a deep focus on a particular aspect of contracting has led to high customer retention rates.
3. Privacy and Confidentiality: A ‘Moderation Layer’, developed in collaboration with industry experts, ensures sensitive data is anonymized locally before being processed. While basic anonymization is standard with many out-of-the-box contract solutions, ContractKen goes a step further and allows customers to specify the data they want anonymized. This commitment to data privacy has earned the trust of law firms handling highly confidential information.

Funding Information:
ContractKen raised an undisclosed amount of Non Equity Assistance from JioGenNext in February 2024.