What kind of uses?
Getting more out of your templates
Taking existing language and mixing/matching it to a new context.
Making contextual changes to template language with some improvisation.
Wishing you had a better template than the one you are working on.
With AI its always many birds with one stone.
Power Editor in Tipsy Tom functions as a legal assistant for drafting, review and editing.
I have an indemnity clause that I found in a Share Purchase Agreement. I want to remodel this for an investment agreement.
Original Clause:
INDEMNITY
7.1 Each Party hereby agrees to indemnify, defend and hold harmless, and keep indemnified, the other Party (the “Indemnified Party”) promptly upon demand, against and in respect of all Losses arising out of and/or in connection with any misrepresentation, inaccuracy or breach of any Warranty or covenant by such Party under this Agreement.
7.2 Any claim for indemnity pursuant to this Agreement shall be made by the Indemnified Party by notice in writing to the other Party.
7.3 The indemnifying Party shall not (and hereby waives any right to) seek contribution, indemnification or any other remedy from or against the Company in respect of any amounts that may be paid or may be payable by such Party to the Indemnified Party, as the case maybe, under this Clause 7. The indemnifying Parties shall not seek restitution from the Company for any amounts paid by them and the hereby expressly waive all rights in law, equity or otherwise in respect of such restitution.
Notwithstanding anything to the contrary stated herein, with effect from the Completion Date, the Seller shall not be responsible, liable or required to make good any losses/defects, claims, damages that may be levied on the Company or individually on the Seller with respect to the business of the Company either prospectively or retrospectively. Further, the Purchaser forever indemnifies the Seller against any such aforesaid claims or liabilities that may arise in the future with effect from the Completion Date.
My current draft is an investment agreement involving an investor and a company. I represent the Investor.
Instructions:
In the instruction box, I type this:
Company should provide the investor this indemnity. Make this indemnity more detailed and more favorable to Investor.
Modified Clause:
INDEMNITY
7.1 The Company hereby agrees to indemnify, defend and hold harmless the Investor (the “Indemnified Party”) promptly upon demand, against and in respect of all Losses arising out of and/or in connection with any misrepresentation, inaccuracy or breach of any Warranty or covenant by the Company under this Agreement. The indemnification shall include, but not be limited to, all court costs, attorney's fees, and any other related expenses incurred by the Investor.
7.2 Any claim for indemnity pursuant to this Agreement shall be made by the Investor by notice in writing to the Company. The notice should detail the nature of the claim, the amount of loss suffered, and any supporting documents to substantiate the claim.
7.3 The Company shall not (and hereby waives any right to) seek contribution, indemnification or any other remedy from or against the Investor in respect of any amounts that may be paid or may be payable by the Company to the Investor, under this Clause 7. The Company shall not seek restitution from the Investor for any amounts paid by them and hereby expressly waive all rights in law, equity or otherwise in respect of such restitution.
Notwithstanding anything to the contrary stated herein, with effect from the Completion Date, the Company shall be solely responsible, liable and required to make good any losses or defects, claims, damages that may be levied on the Investor with respect to the business of the Company either prospectively or retrospectively. Further, the Company forever indemnifies the Investor against any such aforesaid claims or liabilities that may arise in the future with effect from the Completion Date. The indemnity shall continue to be in effect even after the termination of this Agreement for any reason whatsoever.
A few words, and the results are outsized. This is what makes me optimistic about how much efficiency we are yet to derive from AI tools.
In this example, I used Tipsy Tom’s Owl Mode (which relies on GPT-4). You can experiment with Falcon Mode and there will be interesting results too.
Tipsy Tom lets you generate as many edits as you want in any mode - Owl or Falcon. Experimentation is an essential aspect of getting better at using AI to generate efficiency in tasks, and we learnt early that there cannot be (mental or financial) constraints to how many times a user can use a Scripter to optimise for their specific task.
Here’s another task.
Put in a section of the main body in your draft, and ask Power Editor to create definitions for words that are capitalised.
My colleague Vedant pointed this out to me, and we have run this experiment several times.
The text output is consistent with the style of the clause/agreement you input.
Eerie?
Photo by Patrick Tomasso on Unsplash
Paid users @TipsyTom for funding more Scripters
Which new Scripters to build? There are two things that we are considering to prioritise a new Scripter:
(a) There is a use for it.
(b) We are able to get the Scripter to respect guardrails and produce awesome drafts.
While (a) takes less time to figure out, especially given all the niche use cases we confront among our users, it is (b) that makes us take pause before launching new ones. While the quality of output we must constantly work to improve (this never stops), accuracy requires us to build the right guardrails and monitor them. Each Scripter doesn’t just cost us to build but to also to run.
We can’t stop there, it has to run better, it has to run more accurately.
If you like our product, you should buy a plan. Fund more Scripters!
Nothing about building in AI is - build it and forget it.
Scripters require constant care, updates and improvement.
Makes for interesting work for us, lawyers at heart.
We aren’t writing ourselves off, we are ‘scripting’ an upgrade.
Technology has never offered to us the possibilities it does today. Lets embrace them.
What Scripter would you like to see us build next?