ABSTRACT
This article investigates the incorporation of Artificial Intelligence (AI) within LegalTech. We define an ontology to form the basis for Trustworthy AI processing of contract automation. The value of our research is that it applies an ontology, as existing tool, in contract automation. Two perspectives are emphasized: communications analysis and risk analysis. They are explored under a new prism. Our context is Intelligent Contracts (iContracts), which aim at reducing the time-consuming and often complex contractual process by minimizing human involvement. Contract communications and risk analysis processes are often neglected in automation. Therefore, our research investigates to what extent is possible to design an ontology for contract automation based upon the combination of both. Our methodology is twofolded. First, we concentrate on applying key word search on an online database to demonstrate the lack of available solutions. Second, we develop an ontology based upon a case study of a freelancer agreement. Of course, we use existing literature to further engineer the ontology. Our finding shows that 9.4 percent of LegalTech solutions deal with contract automation. From them, 0.7 percent focus on communications and risk automation for contracting. The conceptual expressiveness of the ontology is validated with research to the use case. A follow-up discussion suggests that the ontology should be further engineered from a third perspective, trustworthiness, and should be re-validated experimentally. Our conclusion underlines the need for further innovation in contract automation, especially in relation to communications and risk data.
Stathis, Georgios and Trantas, Athanasias and Biagioni, Giulia and van den Herik, Jaap and Custers, Bart and Daniele, Laura and Katsigiannis, Theofilos, Towards a Foundation for Intelligent Contracts (February 23, 2023).
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