For the past 18 months, Marlow-based Moorcrofts in partnership with Oxford Brookes University has been running the project to develop the software after successfully securing a six-figure grant from Innovate UK and Research England.
The primary purpose of the application, now called ContrAI, is to make the contracting process more efficient with the aim to help legal teams and organisations spend more time doing what they have been trained (and want) to do, and less time doing frustrating administrative or non-legal tasks.
This will be achieved in a number of ways. First, ContrAI is a modular application and clients will be able to choose which modules they need. The main features which are currently being built into ContrAI include:
- Integrated Contract Database
- Intelligent Drafting Environment (IDE)
- Approvals and Negotiations Tool
- AI and IA Features
All the modules will work together, so the more modules clients use the better the experience and the more efficient the contracting process will become.
Andrew Katz, Moorcrofts joint managing partner and head of the Technology Team, said: “We are very excited about how the project is developing and the opportunity the application will provide law firms to create contracts which are more affordable for SMEs. As the project progresses, the roadmap is likely to change and develop. We are looking for organisations to test ContrAI and help us develop the roadmap.”
Moorcrofts will be running technology demos and workshops towards the end of September and beginning of October, which are free and open to all.
If you would like to get involved, book a technology demo or if you have questions, email email@example.com.