Intellext, a leading innovator in AI-driven contract negotiations, will be introducing its groundbreaking open-source initiative, ContractIX, during our upcoming WorldCC Americas Summit 2023. This pioneering initiative reveals the Unified Contracts Framework (UCF), designed to work in conjunction with WorldCC’s Contracting Principles.
WorldCC’s Contracting Principles act as a set of guidelines to support and streamline drafting and negotiation of contracts. They are industry-adopted and commercially practical recommendations for both buyers and sellers, which is why they are a valuable source for supporting ContractIX.
David Chan, CEO of Intellext, expressed, "The realm of contracts has historically been shrouded in complex legal terminology. Our objective with ContractIX and the UCF is to bridge this gap, ensuring that contracts are not only legally robust but also serve as practical guides by being transparent and easily understood by all parties involved, and WorldCC’s Contracting Principles serve as a fantastic support for this."
Sally Guyer, CEO of WorldCC, underscored the broader significance of this collaboration, stating, "AI is poised to revolutionize the way we negotiate contracts. Intellext's focus on simplifying contract language through ContractIX represents a game-changing development, particularly for the majority of individuals within corporations and businesses who engage with contracts but lack legal expertise."
The collaboration between Intellext's UCF and the WorldCC Contracting Principles promises:
- Standardization throughout the contract creation and negotiation processes, reducing cycle times and enhancing equity in terms.
- Improved clarity and accessibility, benefiting both pre and post-signature phases.
- Substantial enhancements in efficiency and risk mitigation.
- A commitment to democratizing contracting, ensuring that even smaller organizations can leverage best practices.
By demystifying contract language and providing an open-source framework, Intellext empowers all stakeholders involved in the contract lifecycle. This democratization ensures that all parties, regardless of their expertise, can actively engage, comprehend, and derive value from clear and concise agreements.
Intellext will announce this solution during the WorldCC’s Americas Summit 2023 – tickets are still available via www.worldcc.com/americassummit/
For further information about Intellext, ContractIX, and its innovative solutions, please visit Intellext.ai.