Contract Review System
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A Contract Review System is a contract analysis system that supports contract review tasks.
- Context:
- It can integrate with (or be a part of) a Legal Contract Lifecycle Management (CLM) System / Contract Management System.
- It can range from (typically) being a 3rd-Party Legal Contract Review Platform to being a 1st-Party Legal Contract Review System.
- It can range from being an AI-Powered Contract Review System to being a Rule-Based Contract Review System.
- It can range from being an Interactive Legal Contract Review Application to being a Backend Legal Contract Review System.
- It can range from being a:
- a Contract Risk Identification System (for contract risk identification).
- a Contract Error Identification System (for contract error identification).
- a Contract Inconsistency Identification System (for contract inconsistency identification).
- a Contract Improvement Suggestion System (for contract improvement suggestion).
- a Contract Compliance Review System (for contract compliance review).
- It can include subsystem's such as: Contract Review Chatbot.
- ...
- Example(s):
- a Web-based such as:
- a Contract Review MS Word Add-In, such as:
- a 1st-Party Contract Review System.
- ...
- Counter-Example(s):
- a Manual Contract Reviewer, a legal professionals.
- a General-Purpose Document Editgor, such as a word processor.
- See: Legal Technology, Contract Management System, Contract-Focused Chatbot, Interactive Legal Contract Review Application, Legal Technology Product, Contract Review Fine-Tuned LLM.
References
2023
- (Open AI ChatGPT, 2023) ⇒ https://chat.openai.com Retrieved: 2023-07-30.
- Q: What is a "Legal Contract Review Task"?
- A:A "Legal Contract Review Task" refers to the process of examining and analyzing a legal contract to assess its terms, conditions, and potential risks. This task is typically undertaken by legal professionals, such as lawyers or paralegals, with expertise in contract law. During a contract review, the legal team carefully scrutinizes each clause, provision, and obligation outlined in the agreement to ensure that it aligns with the client's interests and complies with applicable laws and regulations.
The objectives of a legal contract review task include:
- 1. Identifying Potential Issues: The legal team looks for any ambiguous language, loopholes, or potential risks that may leave their client vulnerable to unfavorable outcomes or legal disputes.
- 2. Ensuring Compliance: The contract must adhere to relevant laws, regulations, and industry standards to prevent any potential legal liabilities or breaches.
- 3. Protecting Client Interests: By thoroughly analyzing the contract, the legal professionals aim to safeguard their client's rights, assets, and other interests, while negotiating for more favorable terms if necessary.
- 4. Providing Legal Advice: Based on their findings during the contract review, the legal team advises their client on the implications and consequences of entering into the agreement.
- Overall, a legal contract review task plays a crucial role in ensuring that contractual agreements are well-drafted, enforceable, and mutually beneficial for all parties involved. It is an essential step in any business transaction or legal arrangement to mitigate potential risks and establish a solid foundation for the parties' relationship.
2022
- (Koreeda & Manning, 2021) ⇒ Yuta Koreeda, and Christopher D. Manning. (2021). “ContractNLI: A Dataset for Document-level Natural Language Inference for Contracts.” doi:10.48550/arXiv.2110.01799
- QUOTE: Reviewing contracts is a time-consuming procedure that incurs large expenses to companies and social inequality to those who cannot afford it. In this work, we propose " document-level natural language inference (NLI) for contracts ", a novel, real-world application of NLI that addresses such problems. In this task, a system is given a set of hypotheses (such as " Some obligations of Agreement may survive termination. ") and a contract, and it is asked to classify whether each hypothesis is " entailed by ", " contradicting to " or " not mentioned by " (neutral to) the contract as well as identifying " evidence " for the decision as spans in the contract. ...