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AI in legal contracts

Date of publication: 3 years ago

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AI in legal contracts

There is no such thing as one, universal template for every type of legal contract. These kinds of documents are required in so many institutions and cases that it is impossible to rely on one model paper. Moreover, as tax and insurance law is getting more and more complex, it is increasingly difficult for tax offices or insurance institutions to prepare individual documents for every instance.
Thus, in collaboration with Pergamin, a startup specializing in handling eContracts, we developed a tool for automatic semantic analysis of legal contracts. It aims to help Pergamin in the creation of legal contract templates using only a small number of contracts obtained from a given client (company), thus improving the preparation of a contract in the company.
The tool accepts multiple formats as inputs (text, PDF files and images) and performs semantic analysis using state-of-the-art few-shot learning and Transfer Learning in NLP. For each new contract, the system automatically generates a template in parchment format and marks all important parts of the contract.
In consequence, Pergamin can work more efficiently, while its users can quickly create and sign an AI-prepared contract using an online platform. Benefits both for the company and its clients!
If you are interested in similar solutions or the ones tailored specifically to the needs of your company, contact us! You can find more about our products and services here.

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