Top 3 ChatGPT plugins for your contracts

Do you work with contracts in your day-to-day work and are tired of spending precious hours trying to ensure every clause is perfect and there is no room for a costly mistake? Then you’ve landed on the perfect post to end all your contract woes using AI.

Contracts are the source of truth behind many things in a business. When you’re in doubt about a salary, lease expiry date, or sales discount, the relevant contract is the go-to place for cross-checking information. However, unfortunately for most, the word contract instills fear due to the complexities of terms and deters the confidence of many when it comes to dealing with anything in legalese. However, we believe that this overwhelming feeling associated with contracts is going to change now.

With the launch of OpenAI’s ChatGPT interface, the AI wave has taken the world by storm. AI-related technologies are all the rage nowadays, with a global projection of the market reaching $1,811.8 billion by 2030. Although we don’t believe that AI will take over the world just yet, we think it can solve some tedious tasks that have been a source of contract-related headaches.

In this blog post, we will share three excellent (and free) AI plugins that can be integrated with ChatGPT and help make your contract management process efficient.

In a hurry? Jump straight to the tools:

Getting Started

Optimizing your usage of ChatGPT is a hot topic and with ChatGPT rapidly evolving, it’s important to stay up-to-date. In the world of contracts, one limitation of ChatGPT is that it has 2021 as the cut-off date for training materials which means that the tool is not using “live” data but generates answers based on historical data. Therefore, connecting ChatGPT to your data is required to carry out any contract-related work to ensure that all data is relevant and accurate.

Note: In order to use the plugins mentioned in this article, you need to have a ChatGPT Plus subscription which gets you access to 2,000+ tools.

How to setup ChatGPT plugins

Here's how to switch plugins on in ChatGPT:

• Go to Settings by clicking the three dots next to your name at the bottom left
• Navigate to 'Beta Features' on the left of the Settings page.
• Activate Plugins.
• Start a new chat. Select GPT-4 as your model, then choose your mode (Default, Browsing, or Plugins) from the dropdown.
• To use plugins, select the Plugins version of GPT-4, then click the dropdown and select 'Plugin store.' Install your chosen plugins by clicking 'Install', and voila, you are all set.

Contract Issues and AI Solutions

A few key challenges everyone comes across when dealing with contracts are:

• Doing clause comparisons manually
• Finding important milestones and/or deadlines
• Extracting contract data, post-signature
• Keeping your colleagues in the loop while doing all of the above

Thanks to AI, these issues can be eliminated with a few clicks.

AI DISCLAIMER: AI tools may generate wildly imaginative, borderline hallucinatory content. So, please don’t let it be a substitute for human wisdom or your grandma's sage advice. Use wisely and check for plagiarism!

Our Favorite ChatGPT Plugins for Contracts

For contracts, the following three plugins stand out for us:

1. SummarizeAnything.ai

SummarizeAnything.ai is a plugin that can help you quickly parse large amounts of information. It can summarize content from YouTube videos, web pages, and PDF files, making it easier to get the gist of the material without going through it all.

This is helpful for reviewing contracts and understanding specific topics within them. We found that this plugin provides a much smoother user experience when compared to ChatWithPDF and AskYourPDF.

How to use SummarizeAnything.ai:

Step 1: Find the content (video, webpage, or PDF) you want to summarize. Just make sure you have the URL of the content.

Step 2: Come back to this conversation and provide the URL. The plugin will fetch the content for you.

Step 3: Wait for a moment while the plugin processes the content. It will return a text version of the content, whether a video transcript, webpage text, or PDF text.

Step 4: Ask the plugin to summarize the content. It will provide a concise summary, allowing you to understand the main points without reading or watching the entire thing.

Step 5: If you want to explore a specific part of the content in more detail, you can ask the plugin to provide a summary of a timed link for the video or specific pages of a webpage/PDF.

We can use this plugin to summarize contracts fast and in an easily comprehensible language. Check out the nifty test we ran with Airbnb’s terms and conditions, which are a staggering 52 pages of dense legal text.

Example: Airbnb’s Terms and Conditions

Want to try it yourself? Follow these four easy steps:

1. Download Airbnb’s terms from the website and add it to a PDF. Host this PDF on your Google Drive
2. Go to ChatGPT, start a new chat, choose GPT 4, and ensure your plugin is enabled.
3. Write your prompt. We used a simple one: “I would like to summarize the T&Cs found here in 10 bullets, listing the most important items if I am a consumer in the EU: [link to document]”.
4. Analyze GPT’s response, keeping in mind that AI is not always 100% accurate.

‍

2. Zapier

Zapier is our favorite when it comes to automation. Inevitably, they are also a favorite in our ChatGPT-related use cases and should also be on your list of best AI contract tools.

Zapier is a powerful plugin for ChatGPT that can help automate many tasks related to contract management. Here's an example of how you can leverage Zapier to create calendar reminders for important contract deadlines:

How to use Zapier:

Step 1: Set up a Zapier account if you haven't already (guide here)

Step 2: In ChatGPT, select the Zapier plugin and choose the "New Reminder" option.

Step 3: Follow the prompts to connect your calendar and set up the tools and actions you want to test.

Step 4: In the below example, we have chosen to set up a Google Calendar and “Quick Add Event” action.

Step 5: Find the contract you want to create reminders on by either copy/pasting the text into ChatGPT or using SummarizeAnything.ai to crunch the text (see plugin # 1).

Step 6: Write your prompt, and off you go 🚀

With Zapier, you can automate many other tasks related to contract management, such as sending reminders to your team members, tracking contract approvals, and more. Explore the possibilities and see how Zapier can help streamline your contract management process.

3. Prompt Perfect

Any chat-based interface is only as good as the prompt, i.e., the question you give. During these infant days of ChatGPT, we have the time to improve our prompts.

Prompt Perfect is designed to help enhance the quality of your prompts for AI. It rephrases your original input into a clearer, more specific, and contextually appropriate prompt. This can be particularly useful when you need help getting the responses you want from AI but are unsure how to phrase your prompt for the best results.

How to use Prompt Perfect:

Step 1: Input - Give the AI an initial prompt or question.

Step 2: Rephrase - Prompt Perfect takes your input and rephrases it, aiming to make it clear and concise.

Step 3: Output - The rephrased prompt is then used as the input for AI, and the result is a response that is particular to your requirement.

This plugin can be beneficial for situations that require dealing with complex queries or specialized or technical topics such as legal research and contracts. If your contract is on the technical or longer side, consider using Prompt Perfect for optimal input - thereby, better output.

Conclusion

AI-powered contract management tools improve accuracy and save money. The three plugins mentioned here are just a few of our favorites. By using these tools, you can save time, reduce errors, improve the accuracy of your contracts, and enhance the efficiency of your process.

Also, it makes working with contracts more fun. You feel like a tech wizard, and for us, that’s a loveable moment.

Try these plugins out today and see how they can improve your contract management process! Feel free to share any recommendations that have helped you in improving your contract management process!