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Reviewing contracts

ChatGPT is an AI-powered virtual assistant that can be used to quickly and efficiently review contracts. By generating customizable prompts, ChatGPT can assist with various aspects of the contract review process, including identifying potential issues, highlighting key terms, and providing language suggestions. With its ability to understand natural language and adapt to various contexts, ChatGPT can be a valuable tool for anyone looking to streamline their contract review process.

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Prompts

Copy a prompt, replace placeholders with relevant text, and paste it at Quel Chat in the right, bottom corner for an efficient and streamlined experience.

Prompt #1

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"As a Legal AI, your task is to conduct a comprehensive analysis on the contract provided for the client or company, designated as [CLIENT/COMPANY NAME]. You are required to meticulously examine every clause, agreement, and provision, specifically focusing on the topic of [SPECIFIC TOPIC]. Your analysis should identify, categorize, and elucidate any potential legal, financial, operational, or strategic issues that could potentially arise or already exist. ​Furthermore, you are required to evaluate the potential risks or concerns that could negatively impact our organization's interests. Subsequently, based on your findings, please propose revisions, additions, or eliminations to the contract language that will optimally safeguard our interests. ​Ensure to present your findings and recommendations in a clear, comprehensive, and legally sound manner. Your suggestions should adhere to the regulations, best practices, and ethical standards of contract law. Provide a thorough rationale for each recommended change, demonstrating how it enhances protection for our interests in the context of [SPECIFIC TOPIC]."

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Prompt #2

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"Please analyze the contract for [PROJECT NAME] and provide a summary of the key terms and obligations for [SPECIFIC PARTY]. Are there any areas that need to be clarified or revised?"

Prompt #3

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"Could you review the contract for [SERVICE AGREEMENT/SALE AGREEMENT] and highlight any provisions related to [SPECIFIC AREA] that may require further attention? Please suggest any revisions that would better align with our needs and expectations."

Prompt #4

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"Can you provide a detailed analysis of the contract for [PRODUCT NAME] and identify any risks or concerns related to [SPECIFIC FEATURE/ASPECT]? Please suggest any language revisions or additions to address these issues."

Prompt #5

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"Please review the contract for [PARTNERSHIP/JV AGREEMENT] and provide an overview of the key terms and obligations for each party involved. Could you also identify any potential risks or concerns that need to be addressed?"

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Tips

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Update the model with new data: If you are asking about a specific company or industry, make sure to provide the model with the most up-to-date information available. This will help ensure that the results are as accurate as possible.
Compare with yourself:** Compare your own company with your competitors and try to identify the areas where you are lacking or where your competitors are doing better. This will help you develop a plan to improve your own business.-Use external data sources, such as industry reports, market research and competitor websites, to get a complete picture of the competitive landscape.-Be clear about specific areas you want to compare, such as pricing, marketing, customer service or product features.