LLM-based Commercial Contract Categorization System

An LLM-based Commercial Contract Categorization System is a commercial contract categorization system that is an LLM-based NLP system (to solve a commercial contract categorization task).

• Context:
  • It can be a fine-tuned system, with a specific legal corpus to enhance its performance on contract categorization tasks, making it highly effective in legal settings.
  • ..
• Example(s):
  • A system fine-tuned on a dataset of employment contracts, purchase agreements, and lease contracts to automatically classify them into respective categories based on their textual content and context.
  • A LLM-based tool integrated into a LegalTech platform that sorts incoming contracts into predefined categories, streamlining the contract management process for legal departments and firms.
  • A cloud-based service that offers LLM-based contract analysis and categorization, helping businesses to quickly sort and manage contracts without extensive legal knowledge.
  • ...
• Counter-Example(s):
  • A Rule-Based Contract Categorization System, which relies on manually set rules and keywords to categorize contracts.
  • A General Text Clustering System, which groups texts based on similarity without understanding the legal or commercial significance of the content.
  • LLM-based Commercial Contract Section Categorization System.
• See: Large Language Models, Natural Language Processing, Document Management System, Text Classification, LegalTech, Artificial Intelligence in Law.

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References

2024

• Claude 3
  • QUOTE: Here is an LLM prompt to get an LLM to categorize a contract.
  • PROMPT:

    Please categorize the following contract into a concise name capturing the essential nature of the agreement. The category name should include the type of contract, specific subject matter or transaction type if relevant, and key characteristics such as lease type (e.g., gross, modified gross, net) or special terms (e.g., month-to-month, assignment) as applicable. Aim for a descriptive yet succinct label, typically between 3 to 10 words.

    For example:

    • Restaurant Lease Assignment and Assumption Agreement
    • Office Space Net/Modified Gross Lease Agreement
    • Month-to-Month Office Modified Gross Lease Agreement
  • Here is the text of the contract to categorize: <CONTRACT>PASTE_CONTRACT_TEXT_HERE</CONTRACT>
  • Now, report the concise category name:

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