No discussion is complete these days without the topic of artificial intelligence sneaking in.
Artificial intelligence has considerable potential to streamline and enhance the customisation process of contract drafting, reviewing, and negotiation.
AI can efficiently analyse vast amounts of data to identify patterns, risks, and opportunities, making the process faster and more accurate.
However, there are several reasons why AI cannot entirely overrun the customisation process. Let us discuss few:
Complexities and Nuances. Contract drafting, reviewing, and negotiation often involve intricate legal, business, and contextual nuances that may be challenging for AI to fully comprehend and contextualize.
Human Judgement and Interpretation. While AI can make data-driven recommendations, the exercise of human judgement, intuition, and interpretation is often essential, especially in complex and unique situations that may not have clear precedents.
Regulatory and Ethical Considerations. Legal processes are subject to jurisdictional, regulatory frameworks and ethical considerations that require human overview and accountability, especially in sensitive areas such as data privacy, confidentiality, and compliance.
Relationship Building and Communication. The negotiation process particularly often involves relationship-building and effective communication, which are areas where human interaction and emotional intelligence play a crucial role.
Unforeseen Circumstances. In today's dynamic and evolving business environments, unforeseen circumstances and novel scenarios may arise that necessitate creative, context-specific solutions, potentially beyond the capabilities of AI.
In summary, while AI can significantly enhance and expedite the customisation process of contract drafting, reviewing, and negotiation, the involvement of human expertise, judgment, and contextual understanding remains essential to address the complexities and nuances inherent in legal processes.
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Originally published by LinkedIn, 11 March 2024
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