The product developments keep coming thick and fast here at Luminance! In the latest update to our legal AI co-pilot, we can reveal that Ask Lumi – our award-winning chatbot – is now available within Luminance’s contract repository. So, next time your sales rep asks whether you have an NDA in place with a potential customer, or your marketing team need to know if they have logo permissions, or perhaps your procurement team need to know when a supplier agreement expires, Ask Lumi can now give you legally accurate answers to any contract query in seconds!

Bringing AI-Powered Q&A to Your Executed Contracts

Luminance’s AI-powered contract repository already delivers unparalleled insight into any document landscape, automatically breaking down any volume of contracts into 1,000+ of the most important datapoints, such as parties, dates, clauses, contract types and governing law. But with Ask Lumi, we’re taking this level of insight one step further…

No matter the contract, Ask Lumi has you covered. Users can either select a question from our pre-populated list of most common contract queries, such as ‘How many contracts expire in the next month?’, or simply ask their own natural language question. Ask Lumi will analyse the contract database, deliver an answer within seconds, and allow you to navigate to any relevant documents with just one click.

So, what does this mean for business users? Well, some of the ways that I’m already seeing Ask Lumi benefit our customers is by enabling them to…

• Ask any contract query and receive instant answers, eliminating the hours spent locating and manually searching contracts for key information.

• Answer urgent business questions with clarity and speed, ensuring the business can make informed decisions and stay on the front foot.

• Empower non-legal functions to understand their contracts, reducing the volume of routine queries arriving into Legal’s inbox.

A Tool for the Entire Business

Whether you’re an in-house lawyer or belong to another department like Sales, Procurement or HR, Ask Lumi can help any business user looking to rapidly locate and understand their contracts.

Picture this: I’m a salesperson looking to engage with a prospective buyer, so I want to check if my business already has an NDA in place with the counterparty. Whereas previously, I might have needed to email my legal department and wait days for a response while they dealt with more pressing queries, now I can simply ‘Ask Lumi’ and get an answer in seconds. No more bothering Legal and no more slowing down my sales pipeline!

Or maybe I’m in HR and it’s time for a quarterly audit to see if the business is compliant with specific internal guidelines, such as making sure that no NDAs signed in the last year contain Non-Solicitation clauses. With a few clicks, I can use the chatbot to see that no such clauses exist and complete an audit in seconds.

And let’s not forget the value that our chatbot can deliver to Legal when conducting contract assessments both big and small. Whether it’s a complex query such as ‘Which of our Sales Agreements are assignable but require written consent?’ or simply ‘Do we have unlimited liability in any of our contracts?’, Ask Lumi has it handled. Importantly for legal departments, this mitigates the chances of high-risk documents going undiscovered and protects the business from risk.

Click here to request a demo of Ask Lumi or to try it on your own contracts.