Contract Review With Ai
Description
How to fill out Contract Review Checklist?
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FAQ
Contractual relationships Under Indian law only a legal person can be competent to enter a valid contract. The general rule thus far has been that an AI may not qualify as a legal person. Hence, a contract entered into by an AI of its own volition may not be regarded as a valid contract in India.
The Automated Contract review is a procedure that is quite self-explanatory. Artificial Intelligence or Machine Learning procedure has been applied to different contracts to which the AI or ML assess standard patterns in these contracts and apply the same to every such category of contract.
Here are some things that are worth considering when reviewing a contract:Focus on the most critical clauses.Strive for clear language.Review default terms.Check for blanks.Read termination and renewal provisions.Note significant milestones.Allocate risk fairly.Understand the remedies provisions.More items...
Artificial intelligence in contract management is designed to enable contract professionals to focus on strategizing and making informed decisions with an enhanced understanding of contract risk and the positive and negative relationships between data, contract language, and contract processes.
How to automate the contract review and approval processCheck your blind spots.Assign detailed responsibilities.Choose an automation tool.Make it your own.Continue to optimize.