See a demonstration of a simplified “AI and the Law: Data Contract”: and the Companion Software Application. This demo shows how we can access contract information stored as fields of data on the Microsoft Azure cloud. (I use a credit agreement as an example, but the same principles work for any contract.) With the increased focus on digitization of contracts in financial services, healthcare, shipping, energy, entertainment, and other industries, efforts are underway to create a new form of contract in a data format (a “Data Contract”) – the next step in the evolution of contracts. The essence of the Data Contract is that the terms of the contract are stored in a database at both the Clause Level and the Idea Level. This gives the parties complete control over the information in the contract for purposes of origination, amendment, reporting, compliance, and other operational issues, as well as transfer, securitization, and other forms of monetization. We can always print to paper or pdf, so there is no downside or risk to experimenting with a Data Contract. See, past and future posts for more information about the “New Logic of the Law,” which is the math and logic system underlying Data Contracts.
Home FinTech Trends Reed Smith partner applies AI techniques to develop new type of contract – a Data Contract