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Humans Hallucinate Too. 60% of Public Company Contracts Contain Errors.
TORONTO, CanadaAnalysis of 3,000+ agreements from over 500 public companies by Spellbook reveals that human error consistently survives the most high-stakes, heavily negotiated contracts in the world. Spellbook, the leading AI infrastructure for contracts used by over 4,500 in-house legal teams and law firms, today released a new report showing that 60% of contracts filed with […]
TORONTO, Canada
Analysis of 3,000+ agreements from over 500 public companies by Spellbook reveals that human error consistently survives the most high-stakes, heavily negotiated contracts in the world.
Spellbook, the leading AI infrastructure for contracts used by over 4,500 in-house legal teams and law firms, today released a new report showing that 60% of contracts filed with the U.S. Securities and Exchange Commission contain drafting issues. 40% of those issues are ‘high-risk,’ defined as serious enough to change a clause’s meaning or how it operates. The study, published by the company’s research and analytics division Spellbook Labs, analyzed more than 3,000 executed agreements filed by over 500 public companies across 22 years.
Contracts are the invisible layer of the world economy. $30 trillion runs through them annually in the US alone, yet, despite that volume, the drafting and review process is still heavily manual. The thousands of publicly available agreements filed daily with the SEC – from merger documents to large equity awards – are some of the most scrutinized legal filings in the world. Even the highly-visible recent SpaceX IPO filing had 11 issues which, while minor, prove that money can’t buy perfection when it comes to human review at scale.
“AI hallucinations get the headlines, but humans have been making costly drafting mistakes at scale for as long as we can measure,” said Scott Stevenson, CEO and co-founder of Spellbook. “These issues used to stay buried but now anyone can easily find and exploit them, including the counterparty across the table. Pairing legal judgment with AI that catches mistakes and makes suggestions based on context and real-time market data will be the new operating mode.”
Key findings:
- Market cap was no guarantee of quality. Several of the world’s most valuable companies had the highest number of issues by count. And, notably, the gap between the cleanest and messiest companies was over 18x, a significant spread.
- Company age showed a positive correlation with lower issues. Businesses founded before 1900 averaged about one issue per contract whereas companies founded in the 2000s averaged 50% higher issue rate. Some of the cleanest contracts came from well-known legacy brands such as IBM, John Deere, Lockheed Martin and Bank of America.
- No industry was issue-free but some fared better than others. Media, Telecom, and Travel had the highest high-risk rate, with 6.8% of contracts containing at least one high-risk issue, nearly five times the 1.4% rate found in Healthcare and Pharma.
- The riskiest issues clustered in purchase agreements. Note, stock, and asset purchase agreements ran a 12–15% high-risk rate, roughly four times the study-wide average of 3%. These are deal documents where the terms are drafted under pressure clause by clause.
- The issue rate has not improved in 20 years. While contract management has gotten easier over the years, human review has remained the same. So it’s no surprise that analysis shows issue rates per contract held essentially flat from 2005 to today.
Ultimately, this study points to a structural flaw, not individual or company carelessness. Contracts are long, complex documents assembled from precedent and revised under deal pressure. No legal team can reliably police them at the pace of today’s business environment. Increasingly, they won’t have to. For the full Spellbook Labs report, visit spellbook.com/labs.
Methodology
This study should be treated as a proxy for how much humans miss. Spellbook Labs analyzed material contract exhibits filed on EDGAR from 2005 to 2026, covering more than 500 public companies. Each contract was reviewed with Spellbook Reviews run in a deliberately conservative mode, limited to issues visible within the filed exhibit itself. We could only measure what is objectively incorrect, not whether an agreement was signed outside policy, drifted off market, or gave away more than it should have, let alone what sits inside the millions of private contracts never filed at all. The findings should be read as a floor.
About Spellbook
Spellbook launched the first GenAI tool for lawyers in 2022 and continues to be the leading provider of legal AI for transactional law. It’s helped over 4,500 legal, sales, procurement, and HR teams improve their contract workflows and eliminate legal drudgery. Powered by large language models like OpenAI’s GPT-5, Spellbook is optimized to use legal-specific approaches for superior contracting performance. Spellbook is backed by investors including Khosla Ventures, Thomson Reuters Ventures, Inovia Capital, The Legaltech Fund, Bling Capital, and Moxxie Ventures. For more information about Spellbook go to https://www.spellbook.com.
About Spellbook Labs
Spellbook Labs researches and publishes findings on issues that impact how businesses operate. Our goal is to give the teams navigating complex legal environments reliable information to help them keep pace with the rapidly changing landscape of the world economy.
Media Contact:
Abigail Metsch
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Guardian Fire Services Completes Acquisition of Houston Fire & Security
Nashville, TN Guardian Fire Services, a national leader in fire and life safety services, today announced that it has completed the acquisition of Houston Fire & Security, a provider of commercial fire protection and security systems and services to Houston and the surrounding area. Founded in 2000, Houston Fire & Security has forged a reputation as […]
Nashville, TN
Guardian Fire Services, a national leader in fire and life safety services, today announced that it has completed the acquisition of Houston Fire & Security, a provider of commercial fire protection and security systems and services to Houston and the surrounding area.
Founded in 2000, Houston Fire & Security has forged a reputation as a trusted provider of life safety services to local customers, founded in reliability and local expertise.
The investment marks Guardian’s expansion into Texas and strengthens its position as a leading comprehensive fire protection and life safety services nationally. The investment will complement Guardian’s existing services, by incorporating Houston Fire & Security’s suite of fire alarm, sprinkler, extinguisher, and kitchen hood services into its offering.
Ray Misfeldt, CEO of Guardian Fire Services, said:
“At Guardian, we believe the best way to serve our customers is by partnering with exceptional local companies that share our commitment to quality, safety, and service. The acquisitions of Houston Fire & Security and Midwest Protection Services expand our presence in two important markets and strengthen our ability to deliver world-class fire and life safety solutions. By combining trusted local relationships with Guardian’s investment in people, technology, and operational excellence, we are building a national platform that sets a new standard for our industry. We look forward to continuing this growth with the support of Investcorp.”
Guardian’s investment in Houston Fire & Security is its third add-on investment since Investcorp’s North America Private Equity acquisition of the business in December 2025.
Vincent Bonoan, Founder of Houston Fire & Security, also added:
“After 26 years of building this company, choosing the right partner for its next chapter was deeply important to me. Guardian Fire Services stood out through their leadership, integrity, and genuine respect for our people. I’m confident our employees, customers, and legacy are in trusted hands, and I’m excited about what the future holds as part of the Guardian Fire Services family.”
Notably, earlier in July of this year, Guardian also acquired Midwest Protection Services guardianfireholdings.com , a leading Omaha, Nebraska-based provider of fire and life safety solutions for commercial customers. That acquisition also strengthened Guardian’s presence in the Midwest and expanded its ability to deliver comprehensive fire and life safety coverage to customers throughout the greater Omaha region.
Tim Rozmajzl, Co-Founder, Midwest Protection Services also stated:
“Guardian Fire Services is the right partner for Midwest Protection Services. Their commitment to quality, customer service, employees, and long-term relationships aligns closely with the values that have guided our business for more than 20 years. Together, we can build on the trusted local service our customers expect while leveraging Guardian’s resources to support continued growth and an even stronger future.”
About Guardian Fire Services
Guardian Fire Services provides nationwide fire and life safety solutions, including system installation, inspections, testing, monitoring, maintenance, and emergency support. Guided by its philosophy of National Fire and Life Safety. Local Expertise, Guardian Fire Services operates through a growing network of local partner companies, each maintaining deep community relationships and technical proficiency while benefiting from the scale and support of a national platform. Headquartered in Nashville, Tennessee, Guardian Fire Services serves commercial, industrial, healthcare, and educational customers across the United States, 24/7.
For more information, visit guardianfireholdings.com
Media Contact Details
William Lockhart
Corporate Marketing Manager
Email: Send Email
Phone: +16159813006
Website: guardianfireholdings.com
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Puppy Playground Named “Versatile Product of the Year” in the 2026 Pet Innovation Awards
Alexandria, VirginiaThe Alexandria company’s modular dog play system earns recognition for adaptable, commercial-grade design trusted in more than 12,000 facilities worldwide
The Alexandria company's modular dog play system earns recognition for adaptable, commercial-grade design trusted in more than 12,000 facilities worldwide
Alexandria, Virginia
Puppy Playground, the maker of modular dog playground equipment used in more than 12,000 facilities worldwide, has been named Versatile Product of the Year in the 2026 Pet Innovation Awards.
The award, presented by the Independent Innovation Awards, recognizes products across the pet care industry for creativity, usability, safety, and real-world impact. Puppy Playground took its category for one idea it has refined since 1994. Play equipment should bend to fit the dog and the space, not the other way around.
Every piece connects through the company’s Bone Connector system. Staff set each ramp, stair, tabletop, or platform onto hidden plastic connectors that lock them together. The pieces release in seconds. A full layout can come apart, get cleaned, and go back together as something new in minutes, which is exactly what a busy daycare floor needs when turnover and sanitation never let up.
The equipment is molded from commercial-grade polyethylene, with rounded edges, non-slip surfaces, and non-porous finishes that resist bacteria and withstand years of weather and daily use. The system is made to order in the USA and scales from the Mini Series for puppies and small dogs to the PRO Series for large breeds.
Because the Mini and PRO lines share the same connectors, a facility can start with a few pieces and expand to dozens without replacing what it already owns.
The company’s story goes back to 1988, when the Bessette family bought a run-down boarding kennel in Ormond Beach. Six years in, they had traced most of the behavior problems they saw to two causes: too much unspent energy and too little socialization. The group play areas they built to solve both became the foundation of the business Puppy Playground is today.
About Puppy Playground
Puppy Playground has designed and manufactured commercial-grade dog playground equipment since 1994. Based in Alexandria, Virginia, the company builds modular, made-in-USA play systems that support exercise, confidence, and socialization for dogs in daycares, boarding facilities, shelters, and homes worldwide. Learn more at Puppy Playground.
Media Contact Details
Jennifer Villa
MJI Marketing Agency
Email: Send Email
Website: mjimarketing.com
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Valtorc International is proud to offer our USA fabricated METAL SEATED 3 WAY BALL VALVES
Kennesaw, Georgia Valtorc International : USA Manufacturing Operations Valtorc international USA manufacturing operations has announced the completion of their new High Performance 3 Way all 316 Stainless Steel METAL SEATED ball valves.S372M series. These High performance 3 way ball valve packages, are being used in various industries worldwide. Chemical plant operations, Oil and Gas […]
Kennesaw, Georgia
Valtorc International : USA Manufacturing Operations
Valtorc international USA manufacturing operations has announced the completion of their new High Performance 3 Way all 316
Stainless Steel METAL SEATED ball valves.S372M series. These High performance 3 way ball valve packages, are being used in various industries worldwide. Chemical plant operations, Oil and Gas refineries, Food Processing plants, Water treatment facilities , and many other manufacturing plants worldwide. We are very proud of our engineering team, for the production and implementation, and fabrication of this high performance package. These packages are available in sizes from 1/2″” to 2″, in all stainless steel material, All packages are available with Pneumatic or Electric automation. Or can be used manually if required. We are very excited to promote these High quality packages, and are looking for qualified customers and distributors worldwide to help us promote these packages …
Valtorc International P.O. Box 1928 Kennesaw Georgia 30156
Call us. 770-423-7100
A J Bental
Email: [email protected]
Website: www.valtorc.com
Guardian Fire Services Completes Acquisition of Houston Fire & Security
Puppy Playground Named “Versatile Product of the Year” in the 2026 Pet Innovation Awards
Valtorc International is proud to offer our USA fabricated METAL SEATED 3 WAY BALL VALVES
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