The Visionaries – AI, Agency, And Efficiency

Q1 Is there scope to use AI in commercial contracts? Will it save time, or ultimately cost more time in review and pose greater risk?

The use of AI in commercial contracts is becoming universal. There are so many benefits to using AI, especially when there is a deal happening and time is critical to prepare and circulate draft versions to various parties involved to build momentum very early. Many instances, parties must wait for first draft versions if manually drafted. AI is of great use and benefit here. By its speed, it can help in making deals happen quicker and avoid waiting time which can be detrimental in important commercial matters. Not only can AI help in the first draft but also in making changes in the draft later. It is even better used when the changes are repetitive across the various agreements.