Contract-Focused AI System

A Contract-Focused AI System is a legal contract system that is an AI system.

• Example(s):
  • a Contract AI Chatbot such as:
    • Casetext CoCounsel.
    • Evisort Contract AI,
    • LawGeex AI Contract Review Platform,
  • …
• Counter-Example(s):
  • Diagramming Tool Chatbot,
  • General Topic Conversational AI System,
  • Natural Language Processing System.
• See: AI-based System, Contract AI CDM, Legal Contract, Contract Management Task, Contract Review Task, Contract Drafting Task, Interactive Legal Contract Review Application.

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References

2023

• (ChatGPT, 2023) ⇒ "What is a "Contract-Focused AI System"? Summarize in 2-3 paragraphs." prompt. ChatGPT, September 25 Version, OpenAI, 1 Oct. 2023. https://chat.openai.com.
  • QUOTE: A Contract-Focused AI System refers to a specialized artificial intelligence technology designed to assist in the review, analysis, and management of legal contracts and agreements. These systems are tailored to the unique needs of legal professionals, in-house counsel, and businesses that deal with a large volume of contracts.

    Typically, a contract-focused AI system leverages natural language processing (NLP) and machine learning algorithms to automatically extract and understand the content of contracts. It can identify key clauses, terms, and provisions within contracts, making it easier to assess risks, compliance, and obligations. These systems can also compare contracts against predefined templates or regulatory standards to ensure they meet required criteria.

    Furthermore, contract-focused AI systems often offer features like contract generation, automated redlining (highlighting changes between different versions of contracts), and alerts for important dates and obligations. By streamlining and automating many aspects of contract management, these systems help legal professionals save time, reduce human error, and ensure greater consistency and compliance in their contractual relationships.

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