Dear MEL Topic Readers,
Can AI cut humans out of contract negotiations?
Large Language Model (LLM) is a type of artificial intelligence (AI)
that is trained on a massive amount of text data. LLMs can be used for a
variety of tasks, including, text generation, language translation, answering,
and summarizing. This new tool is already used in Google Translate, ChatGPT,
Grammarly, and Bard. So, LLM is like a large-scale collective knowledge of
experts. A legal specialist or layer learns, develops, and uses the knowledge
and intelligence to create, examine, and give advice to the client or
management on legal documents like an agreement or contract. So, if an AI tool
learns language data from a dedicated field of LLM, it could do legal jobs as
properly as experienced an expert, and much faster. In fact, specialized AI
tools for legal experts can not only examine legal documents like a Non-Disclosure
Agreement (NDA) but also make suggestions for changes. For example, it shows
acceptable causes in green, unacceptable ones in red, and non-standard clauses
in amber. Then, it re-drafts clauses based on the previous agreements from the
LLM. The whole process takes only a few minutes, which could take hours even for
experienced experts. What legal experts need to do then is to check the
suggestions and give approval or changes that might be more suitable for the
specific case. Another area AI is taking place over human intelligence.
Enjoy reading the article and learning about another rising power of
AI.
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