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AI-powered contract drafting tools can generate contracts in seconds based on the information you provide in your prompt. This means that this type of contract AI can automate the contract drafting process while also allowing you to customize them to meet your specific needs and use cases.
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Although ChatGPT can generate contracts, its ability to do so effectively is severely limited. Contractual agreements are all unique, and their complexity comes from the T&Cs and the nature of the agreement such as the parties involved, and the jurisdiction and purpose of the agreement.
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For example, Juro users simply submit a prompt in the platform asking for a contract or specific clause to be drafted. The contract AI then drafts the contract based on the information in your prompt and any additional guardrails and conditions you've set up.