Contracts and AI: The Contemporary Duo
<p>According to the Harvard Business Law Review, it has been estimated that inefficient contracting results in firms losing <a href="https://hbr.org/2018/02/how-ai-is-changing-contracts" rel="noopener ugc nofollow" target="_blank">between 5% — 40% of value on a given deal</a>. Thus, AI could constitute the next phase in the evolution of contracts from paper-based contracts to online word documents and PDFs by circumventing the losses that law firms and legal practitioners face when they manage contracts. Hence, while AI is often placed on the side-lines due to its alleged uncertainty, AI has become common-place in today’s society, which is a growth that the legal field must be kept abreast of.</p>
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