ABSTRACT:
In the modern world, technology is developing quickly and helped usher in the digital age. Numerous people, companies, and organizations are greatly benefiting from artificial intelligence (AI) technology. In practically every sector, artificial intelligence has been making a substantial contribution. Contract writing and negotiation are not an exception for AI technologies. AI has decreased the burden as a consequence of technological breakthroughs, but it also produces hygienic products. The new era of AI systems has superseded the old-fashioned method of drafting. AI may greatly improve contract writing by improving accuracy, efficacy, and proofreading while also supporting best practices in discussions. Before choosing to draft and negotiate, it is extremely convenient to be aware of the different complexities and subtleties of AI technologies. Inadequate understanding of how to use AI technologies may cause significant losses for the company or any other entity. The legal approach supporting the use of AI technologies in India has made substantial usage possible. The use of AI approaches in a variety of worldwide roles has led to its rise in contract preparation and negotiation. Understanding AI applications is essential to maximizing the advantages of AI systems while preventing future uncertainty.
KEYWORDS: Artificial Technology, Negotiation, Legal Industry, Contract Drafting.
INTRODUCTION:
The pinnacle of technical development in the current generation is artificial intelligence. Numerous corporations and organizations have employed AI technologies in contract preparation and negotiations, among other areas. Any individual or other organization can save their life by drafting a well-written agreement. In several fields, AI has taken the place of conventional contract procedures. AI is extremely slow in creating clean, well-structured contracts, which are essential for enforcing them by making them legally binding and clear. In order to make sure that contracts are written clearly and accurately, each of AI’s many tools is important in its own way.
Moreover, AI tools are artificially outfitted with machine learning algorithms and are produced using saved information. Before writing, it’s critical to understand the dangers and problems associated using AI technologies. India’s extensive usage of AI has been made possible by the judiciary’s stance on the technology. Legal and ethical issues must be taken into account when utilizing AI to expedite contract negotiations and writing. AI tools are often regarded as the greatest resources for contract preparation, review, and negotiation in many nations. The human intellect can be used to solve a variety of problems, and when AI is used properly, it can revolutionize any type of contract.