Did you know that you can use the Draft spell in Spellbook to ask questions about your contract right in the document? In the example below, we've added a question to the bottom of a term sheet for venture financing asking how the money will be distributed if the financed company gets acquired.

As you can see, we asked Spellbook the question and it accurately responded with “First, the company will distribute the money among the shareholders according to their ownership stake in the company. If the company has any debts, they will be paid off first. Then, the employees will be paid out any vested stock options or other compensation. Finally, the remaining money will be distributed to the shareholders.“

The more context and instruction you give Spellbook, the more useful the responses will be. In the above example, we included the phrase ‘step-by-step’ as well as prompted the out to begin with the word “First”. Small adjustments to how you phrase the question can lead to dramatically different responses with varying levels of quality.