TermScout, an AI contract review company, has launched a first-of-its-kind AI marketplace where lawyers and other contracting experts can build and sell their own contract review AIs, developed based on their unique expertise.
The marketplace, called Screens, provides lawyers with an opportunity turn their expertise from a service into a product, while at the same time enabling those reviewing contracts to get a contract review AI tailored to their specific use case by someone who is an expert in that area.
In effect, users can get an expert review of a contract with just a few clicks. The new platform already has screens published by experts in commercial real estate, privacy, fintech, SaaS, healthcare, consumer, and more.
“Our mission is to help people easily understand contracts,” said Otto Hanson, TermScout CEO. “What we didn’t realize until GPT-4 was that the best way to do that is to create a marketplace for lawyers to build and sell contract review AIs.”
Already, the American Arbitration Association is using Screens to assist parties reviewing dispute resolution clauses.
“Every year, countless parties get stuck in unnecessary litigation because their arbitration and mediation clauses are poorly drafted,” said Diana Didia, the AAA’s chief information and innovation officer. “Creating a screen to draft an efficient, enforceable and cost-effective dispute resolution provision allows the AAA to share its decades of leadership and expertise in the field.”
Until this week, Screens had been available only through a private beta, but TermScout has now released it to the general public. Hanson said he hopes to build a marketplace of Screens to suit every business and personal use case.
Lawyers who develop screens can decide whether to sell them or offer them free. If they choose to sell them, TermScout takes a cut of the sales. Users who purchase a Screen can continue to use it on a repeated basis.
Screens vary in price, from free to $24.99.
“As recently as 2023, we believed that getting to frictionless contracting would be a long journey,” said Hanson. “Last year’s generative AI revolution supercharged our progress; and with today’s launch of Screens, lawyers can now create AI digital products with as much time, effort, and technical skill as it takes to write a simple blog post.”
