What is a Contract?
A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction or relationship. Contracts are used in various industries and contexts, from business deals and employment agreements to rental leases and service contracts. They are designed to protect the interests of all parties involved and ensure that each party fulfills their obligations as agreed upon.
The Importance of Contracts
Contracts play a crucial role in any business or organization. They provide a clear understanding of the expectations and responsibilities of each party, which can help prevent misunderstandings and disputes. Contracts also provide legal protection in case of a breach or disagreement, as they serve as evidence of the agreed-upon terms.
For researchers, contracts can provide valuable insights into the inner workings of a company or industry. By analyzing contracts, researchers can uncover trends, patterns, and potential risks. This information can be used to make informed decisions and identify areas for improvement.
Marketers can also benefit from analyzing contracts. By understanding the language and terms used in contracts, marketers can tailor their messaging to better resonate with potential clients or customers. They can also identify opportunities for partnerships or collaborations based on the contracts of similar companies.
For organizations, contract analysis can provide valuable information for risk management. By identifying potential loopholes or areas of concern within contracts, organizations can take proactive measures to mitigate any potential risks. This can save time, money, and reputational damage in the long run.
Challenges in Contract Analysis
While contracts can provide valuable information, analyzing them can be a time-consuming and labor-intensive process. Traditional methods of contract analysis involve manual review and extraction of information, which can be prone to human error and inconsistencies.
Moreover, contracts can vary greatly in length and complexity, making it difficult to analyze large volumes of data efficiently. This can be a challenge for researchers, marketers, and organizations looking to gain insights from a large number of contracts.
The Solution: Retrieval Augmented Generation
Retrieval Augmented Generation (RAG) is a cutting-edge approach to natural language processing (NLP) that combines the power of large language models with the structure of information retrieval. RAG models are trained on vast amounts of data and can generate human-like text based on a given prompt.
By leveraging RAG technology, researchers, marketers, and organizations can quickly and accurately analyze large volumes of contracts. RAG models can extract key information from contracts, such as names, dates, and clauses, and present them in a structured and organized manner.
The Benefits of Retrieval Augmented Generation for Contract Analysis
Time and Cost Savings
RAG models can analyze contracts at a much faster pace compared to manual review, saving researchers, marketers, and organizations valuable time and resources. This means that they can focus on higher-level tasks rather than spending hours combing through contracts.
Accuracy and Consistency
RAG models are trained on vast amounts of data, making them highly accurate and consistent in their analysis. This eliminates the risk of human error and ensures that all contracts are analyzed using the same criteria, providing more reliable insights.
Insights and Trends
By analyzing a large number of contracts, RAG models can uncover valuable insights and trends that may not be apparent through manual review. This can help researchers identify patterns and make data-driven decisions, while marketers can gain a better understanding of industry-specific language and terminology.
Efficient Risk Management
RAG models can quickly identify potential risks and inconsistencies within contracts, allowing organizations to take proactive measures to mitigate them. This can save time, money, and prevent potential legal disputes.
In Conclusion
Retrieval Augmented Generation offers a powerful solution for contract analysis. By leveraging the capabilities of RAG models, researchers, marketers, and organizations can save time, gain valuable insights, and mitigate potential risks. With the ever-increasing volume of contracts being generated, RAG technology is becoming an essential tool for any business or organization looking to stay ahead in today’s fast-paced and competitive landscape.
How To Use Speak’s Retrieval Augmented Generation For Contracts
Step 1: Create Your Speak Account
To start your transcription and analysis, you first need to create a Speak account. No worries, this is super easy to do!
Get a 14-day trial with 30 minutes of free audio and video transcription and analysis included when you sign up for Speak.
To sign up for Speak and start using Speak Magic Prompts with retrieval augmented generation, just visit the Speak app register page here.
Step 2: Upload Your Contracts
We typically recommend MP4s for video or MP3s for audio.
However, we accept a range of audio, video and text file types.
You can upload your file for transcription in several ways using Speak:
Accepted Audio File Types
- MP3
- M4A
- WAV
- OGG
- WEBM
- M4P
Accepted Video File Types
- MP4
- M4V
- WMV
- AVI
- MOV
- FLV
Accepted Text File Types
- TXT
- Word Doc
CSV Imports
You can also upload CSVs of text files or audio and video files. You can learn more about CSV uploads and download Speak-compatible CSVs here.
With the CSVs, you can upload anything from dozens of YouTube videos to thousands of Contracts files.
Publicly Available URLs
You can also upload media to Speak through a publicly available URL.
As long as the file type extension is available at the end of the URL you will have no problem importing your recording for automatic transcription and analysis.
YouTube URLs
Speak is compatible with YouTube videos. All you have to do is copy the URL of the YouTube video (for example, https://www.youtube.com/watch?v=qKfcLcHeivc).
Speak will automatically find the file, calculate the length, and import the video.
If using YouTube videos, please make sure you use the full link and not the shortened YouTube snippet. Additionally, make sure you remove the channel name from the URL.
Speak Integrations
As mentioned, Speak also contains a range of integrations for Zoom, Zapier, Vimeo and more that will help you automatically transcribe your media.
This library of integrations continues to grow! Have a request? Feel encouraged to send us a message.
Step 3: Calculate and Pay the Total Automatically
Once you have your file(s) ready and load it into Speak, it will automatically calculate the total cost (you get 30 minutes of audio and video free in the 14-day trial – take advantage of it!).
If you are uploading text data into Speak, you do not currently have to pay any cost. Only the Speak Magic Prompts analysis would create a fee which will be detailed below.
Once you go over your 30 minutes or need to use Speak Magic Prompts, you can pay by subscribing to a personalized plan using our real-time calculator.
You can also add a balance or pay for uploads and analysis without a plan using your credit card.
Step 4: Wait for Speak to Analyze Your Contracts
If you are uploading audio and video, our automated transcription software will prepare your transcript quickly. Once completed, you will get an email notification that your transcript is complete.
That email will contain a link back to the file so you can access the interactive media player with the transcript, analysis, and export formats ready for you.
If you are importing CSVs or uploading text files Speak will generally analyze the information much more quickly.
Speak will automatically embed your data in a well-architected vector database which allows you to use retrieval augmented generation for Contracts.
Step 5: Visit Your File Or Folder
Speak is capable of analyzing both individual files and entire folders of data.
When you are viewing any individual file in Speak, all you have to do is click on the “Prompts” button.
If you want to analyze many files, all you have to do is add the files you want to analyze into a folder within Speak.
You can do that by adding new files into Speak or you can organize your current files into your desired folder with the software’s easy editing functionality.
Step 6: Select Speak Magic Prompts To Analyze Your Contracts
What Are Magic Prompts?
Speak Magic Prompts leverage innovation in artificial intelligence models often referred to as “generative AI”.
These models have analyzed huge amounts of data from across the internet to gain an understanding of language.
With that understanding, these “large language models” are capable of performing mind-bending tasks!
With Speak Magic Prompts, you can now perform those tasks on the audio, video and text data in your Speak account.
Retrieval augmented generation is what makes these Magic Prompts work so well.
Step 7: Select or Create Your Assistant Type
To help you get better results from Speak Magic Prompts, Speak has introduced “Assistant Type”.
These assistant types pre-set and provide context to the prompt engine for more concise, meaningful outputs based on your needs.
To begin, we have included:
- General
- Researcher
- Marketer
- Sales
- Recruiter
Choose the most relevant assistant type from the dropdown.
You can also create your own custom Assistant Template Type.
If you visit the new page Account Preferences, you can see there is now an area where you can create your own custom Assistant.
This allows you to set the context of the engine for higher quality and more consistent outputs.
For example, you could say:
“We are [COMPANY NAME]. We are analyzing [DATA] to understand how to improve [GOAL]. We want all responses to be concise and in table format.”.
This becomes a reusable template in any of your manual or automated Magic Prompts.
You can create multiple templates for different use cases.
As an example, the analysis you run on a focus group may be different than a one-on-one interview.
Step 8: Create Or Select Your Desired Prompt
Here are some examples prompts that you can apply to any file right now:
- Create a SWOT Analysis
- Give me the top action items
- Create a bullet point list summary
- Tell me the key issues that were left unresolved
- Tell me what questions were asked
A modal will pop up so you can use the suggested prompts we shared above to instantly and magically get your answers.
If you have your own prompts you want to create, select “Custom Prompt” from the dropdown and another text box will open where you can ask anything you want of your data!
Step 9: Review & Share Responses
Speak will generate a concise response for you in a text box below the prompt selection dropdown. With Chat enabled, you can also continue to query that data to reveal more insights and reformat the information to your needs.
In this example, we ask to analyze all the Contracts in the folder at once for the top product dissatisfiers.
You can easily copy that response for your presentations, content, emails, team members and more!
Speak Magic Prompts Pricing
Our team at Speak Ai continues to optimize the pricing for Magic Prompts and Speak as a whole.
Right now, anyone in the 14-day trial of Speak gets 100,000 characters included in their account.
If you need more characters, you can easily include Speak Magic Prompts in your plan when you create a subscription.
You can also upgrade the number of characters in your account if you already have a subscription.
Both options are available on the subscription page.
Alternatively, you can use Speak Magic Prompts by adding a balance to your account. The balance will be used as you analyze characters.
Completely Personalize Your Plan 📝
Here at Speak, we’ve made it incredibly easy to personalize your subscription.
Once you sign up, just visit our custom plan builder and select the media volume, team size, and features you want to get a plan that fits your needs.
No more rigid plans. Upgrade, downgrade or cancel at any time.
Claim Your Special Offer 🎁
When you subscribe, you will also get a free premium add-on for three months!
That means you save up to $50 USD per month and $150 USD in total.
Once you subscribe to a plan, all you have to do is send us a live chat with your selected premium add-on from the list below:
- Premium Export Options (Word, CSV & More)
- Custom Categories & Insights
- Recorder Customization (Branding, Input & More)
- Media Player Customization
- Shareable Media Libraries
We will put the add-on live in your account free of charge!
What are you waiting for?
Refer Others & Earn Real Money 💸
If you have friends, peers and followers interested in using our platform, you can earn real monthly money.
You will get paid a percentage of all sales whether the customers you refer to pay for a plan, automatically transcribe media or leverage professional transcription services.
Use this link to become an official Speak affiliate.
Check Out Our Dedicated Resources📚
Book A Free Implementation Session 🤝
It would be an honour to personally jump on an introductory call with you to make sure you are set up for success.
Just use our Calendly link to find a time that works well for you. We look forward to meeting you!
