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Contract Law is an agreement formed between individuals, groups, and business entities. The contract agreement defines the activities each party has to perform. The two common contract acts in the UK are the Sales of Goods Act 1979 and the Consumer Rights Act 2015. Contract law ensures that agreements should be clear, fair, and enforceable.
Artificial intelligence has become a popular buzzword in society, as it has revolutionized almost every industry. AI has also transformed contract law. In the past contract law was based on human interference, for formation, presentation, and implementation however after the emergence of AI most of the tasks are performed through AI.
The Role of AI in Contract Law
One of the significances of AI is that it can effectively automate almost every routine, reduce human efforts and save time. There are AI power tools that could be used to improve the quality of the contracts and reduce human efforts.
- Contract Drafting and Automation
Machine learning is a branch of AI that could be used to train and test data A significant amount of data could be used to train the models and natural language processing could be used to provide feedback to the users. This improves the efficiency of the contract, its time-saving, and the risk of error is extremely low.
Juro, Clause, and DocuSign are some AI-power tools that are being used to create contract agreements. These AI-power tools provide customized templates, ensuring that clauses of the agreement are compiled with the legal agreement and that the specific needs of each party are clearly mentioned in the agreement.
- Contract Analysis
The contract review and analysis are considered to be a time-consuming task AI has transformed the process through Machine learning. The review process can be conducted within minutes and the level of precision is also very high. One of the AI-powerful tools is the Kira system which is used to analyze and review contract law.
- Contract Lifecycle Management
In the past human efforts were required to track and monitor each task but after the emergence of AI, these tasks could be easily automated which reduces human efforts and improves efficiency. The AI-powered CLM is based on Machine learning tools which are used to conduct predictive analysis and automate tasks. This helps to ensure that the tasks are completed on time.
The AI-power tools Icertis and Agiloft are commonly used to manage CLM. The implementation of AI has reduced the risk of non-compliance and improved contract performance.
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- Legal Research
For a contract to be authentic it must be according to the legal requirements. The AI power tools are trained on vast amounts of legal data, case laws, and precedents. The amount of structured data improves the precision and quality of the results.
The AI power tools such as LexisNexis and Ravn are commonly used for legal research. These AI tools help in identifying the relevant cases and assist the lawyers.
- Blockchain
The blockchain is a digitalized ledger that is used to store data and every node (user machine) is used to authenticate the data. The contract law could be deployed on smart contracts. It helps in monitoring the contract and only be executed when all parties perform their task.
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