Business law, antitrust, and trade secrets
Given the number of commercial transactions which occur daily, business law has become an important topic of discussion for law and AI.1 Many firms are building core areas of their business around AI and making AI resources available to their customers. One important use of AI for business is in contracting where AI is used to automate various aspects of the contracting process; to some extent this has been done in the field of electronic commerce for over a decade.2
The use of AI can lead to many advantages for firms which conduct business through the Internet. For example, AI systems can: automatically review contracts, analyze them using natural language processing (NLP) algorithms, and determine which portions of the contract are acceptable and which are problematic.3 Additionally, AI can allow procurement teams to monitor the details of existing agreements providing the team with the information they need to renegotiate when necessary.4 And, using AI, regulatory teams can maintain a comprehensive perspective on a company’s activities for compliance purposes and to make sure the firm is prepared for mergers and acquisitions (M&A) opportunities and due diligence.5 Because AI contracting software trains its algorithm on a set of data (contracts) to recognize patterns and extract key variables (clauses, dates, parties, and so on), it allows a firm to efficiently manage its contracts and agreements because it can quickly access what the terms are in each contract.6 In this context, AI techniques such as machine learning are adept at:...
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