AI Contract: Potentiality of AI Contract to Revolutionize the Legal Field
Anupama C Emmanuel, Mariya Vincent, Siona Unni, BIJU ANTONY -, Suranya S. Kumar · International Journal of Research Publication and Reviews · 2023
AI (Artificial Intelligence) is a highly practiced and effective technology used in various fields all over the world.It has made our lives effortless and at the same time highly accessible to dynamic technology.AI can be described as a highly intelligent and influential technology that is far more powerful, technologically advanced and evolved than the reach of a human being which can process masses of data, accomplish and verify flaws in intricate files instantaneously and many more.Contract is a legal relationship which binds two or more parties where both parties agree to certain obligations and benefits.The traditional contract construction methods grasp considerably a long duration and required enormous human efforts along with high proficiency in the same.Here derives the real exigency of making use of the advanced technology where AI becomes a finest option today.With the help of AI in contracts, it analyses and highlights any fault in the legal document or data, fills out the loopholes and can even help in drafting a contract efficiently and swiftly.The doctrinal research outlines the concept of AI Contracts, its merits, demerits, future impacts in legal system as well as contract.The doctrinal research work aims stimulate new inventions and technological advancements in various forms of contracts which can revolutionize not only contracts but also legal realm.