Contractual obligation extraction using artificial intelligence

Legal Business Contracts govern the business relationship between trading business partners. They are like blueprints of expected business behaviour of all the contracting parties involved, and bind the parties to obligations that must be fulfilled by expected performance events. This highly innovative project proposes the automation of the obligation extraction task using artificial intelligence, especially machine learning and natural language processing. Since the extracted information will be already in machine readable format we also propose the development of software the implements the workflows that have to do with obligation management(e.g.payment calendars, reporting notifications, etc.). The solution, accessed directly or as a service, will help legal, commercial and compliance professionals to accelerate contract review and analysis as well as avoid manual data entry into corporate systems, allowing them to focus on higher-value tasks. It will generate significant cost savings (50-90%) through the reduction of the time spend on manual tasks. On top of that, we expect significant operational risk reduction which will lead to reduced costs of litigation and potential penalties.