Using AI to Read Contracts

Abstract

Artificial Intelligence (AI) recently has received substantial attention. This paper provides a case that allows investigation of an AI application that is designed to read contracts and provide a structured summary of the contract. The system uses an ontology to drive the user through reading the contract. The system also uses a "human-in-the-loop" to help the system choose which snippets of information correspond to parts of the ontology. This paper asks the reader to analyze some possible extensions to the approach, as the head of an innovation lab analyzes how the system works and looks for extensions. Finally, the paper investigates the impact of AI on key organizational issues such as responsible and trusted AI, the impact of AI on organizations and work and system acceptance issues.

Keywords: Artificial Intelligence, AI, Ontology, Human-in-the-Loop, Reading Contracts