Artificial Intelligence (AI) in Contract Management

Introduction

Contracts are the backbone of all commercial relationships, but it is one that few organizations do efficiently or effectively. In fact, it has been estimated that inefficient contracting leads to losses in business overall income. However, recent technological developments like Artificial Intelligence (AI) are now helping organizations overcome many of the challenges to contracting. For example, AI can automate the entire contract review process to achieve pitch-perfect optimisation and remove the tedious and repetitive work that used to consume time of too many staff members.The 21st century world is a world of data. To process all of it, the world is more reliant on AI than ever. A strong understanding of the technologies behind AI is an essential requirement for professionals involved in contract management and negotiations to stay up to date with the latest trends relevant to this area and to reap the full benefits of AI by providing the necessary supervision for implementing AI in their respective domain of work.In this highly interactive course, the implementation of AI in contract drafting, negotiation, and management will be examined from various view points to ensure building a comprehensive understating of AI application in contracts relevant to your organization. We will consider contract creation and reviewing drafting where AI is used to create customised contracts to meet the parties’ specific needs by analysing data from past contracts and identifying relevant terms and conditions etc. The training course will examine how AI analyses contracts to identify errors of significant terms and conditions, such as payment terms, liabilities, indemnities, warranties, termination clauses etc.This GLOMACS Artificial Intelligence (AI) in Contract Management training course will highlight:

• Comprehensive understanding of what AI technology is in the context of contract management- what it can and what it cannot do
• AI application for some key contractual arrangements
• Contractual Risk Management Issues and AI
• The role of AI in contractual Insurance, Indemnities, Liabilities, Force Majeure
• AI and Negotiation tools and tactics
• The role of AI in dispute resolution in cross border and international contracts

Objectives

At the end of this Artificial Intelligence (AI) in Contract Management training course, you will learn to:

• Understanding in depth some key contractual arrangements in selected industries and the structure of contracting
• Master and comprehensively understand the role of AI in contracts
• Identifying the application of AI technology in mitigating risk factors and managing those risks through effective contractual clauses
• Learn how AI technology can support drafting appropriate contractual clauses in contracts
• Evaluate the role of AI in dispute resolution process and how it will apply it in different scenarios
• A contextual understanding of AI technology, and evolution, helping you to make relevant predictions for its future trajectory in contracts

Training Methodology

In this AI in Contract Management training course, participants will gain greater understanding of the subject matter through presentations by an experienced international practitioner designed to both inform and broaden the perspectives of the participants. Interactive discussions on problems and possible solutions will be encouraged.

Organisational Impact

Your organization will benefit by:

• Personnel in the organization will be conversant with the role of AI technology in contracts
• Having a full understanding of the AI in the context of fundamental legal principles relevant to your business
• Being able to anticipate and deal with issues and ramifications pertinent to the role of AI in commercial contracts
• Strategizing on risk management techniques that can be used in commercial contracts
• Senior management know the application of AI technology to enable them to negotiate  more favorable terms and conditions relevant to their commercial entity

Personal Impact

The participant shall benefit through attending this training course by:

• Gain the ability to formulate a comprehensive thought out approach to the application of AI in commercial contracts
• Obtain in depth understanding of what AI can and cannot do to negotiate a more preferred commercial contracts clauses
• Manage and production and commercial risks through better AI understanding and the relative role in drafting contract clauses
• Demonstrate a professional understanding of apportioning risk and liability between the parties to commercial contracts
• Work out a modern contracting strategy to meet company’s goals
• Learn how AI can support customizing bespoke contracts suited to needs of their company