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Idea: Connect workflows if both counterpartys are using Ironclad

David_Wieseneck

Use Case: Sometimes we get an inbound contract from a counterpart and the document is from Ironclad (maybe using the new Ironclad Help Center. Can Ironclad facilitate some sort of connection so that we don't need to kick off an inbound workflow & fill out all of the information? I would assume that the counterparty has some of the same fields that we use. Also we could move through the steps in tandem & coordinate signature together.

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Comments

kenneth_carter

I like this idea a lot. In fact, I have long advocated for such a feature. It would be nice at a minimum to be able to send our contact to the counter party's signatory tool when the other party needs to run their approvals.

The counterparty workflow is also a nice tool. We haven't yet figure out just how to use it to speed negotiations rather.

One other thing which could speed negotiations, would be to agree on a general set of contract variables, e.g., counterparty name, signatory, ACV, start and end dates, etc. That way the contract could be passed from one party's Ironclad instance to the other and deal rules and approvals could be automated to some degree for both parties.

Taking this to its ultimate conclusion, the platform could be used to conduct automated, or largely automated negotiations.

David_Wieseneck

New Idea: Ironclad AI negotiates the contract with the counterparty on our behalf and just tells me when its done & I need to sign. 😜...😂....🤔...😎

kenneth_carter

Not necessarily AI, but a rules or bidding agent could find an efficient solution based on the inputted preferences of both sides.

This is what the FCC did with its two-sided combinatorial auctions for the 700MHz band. The bidding was limited to prices and spectrum blocks, but still.

kenneth_carter

Hey Dave,

Have a look at this, which I just saw today: https://www.artificiallawyer.com/2021/11/18/google-tells-artificial-lawyer-about-its-contract-docai-strategy/.

It's sort of a backwards looking approach, with the computer trying to mimic/recreate what a human does. If, as you suggest, the fields/variables (like, term, renewal date, limitation of liability) are all standardized then they can be passed back and forth, reviewed, analyzed, and negotiated in an automated fashion, without the need or cost of AI.

Shelby_Schouweiler

Don't quote me on this, but when I was in the process of purchasing Ironclad in early fall 2021, the account manager said Ironclad is actually working on making it so both parties can collaborate directly in Ironclad in one workflow, each party being actual Ironclad users rather than one party being "external" like it is now.

David_Wieseneck

I hope Ironclad can fix this too:

CleanShot 2022-03-29 at 19.41.11@2x.png

David_Wieseneck

@Joe_Nguyen I think this feature is now live? Can you confirm?

@kenneth_carter Looks like https://www.superlegal.ai is doing some of the automated, or largely automated negotiations, as you noted.

With ChatGPT from OpenAI - maybe we will get there soon enough: https://openai.com/blog/chatgpt/