Vaultedge Blog

One simple step to mitigate contractual dilemmas Sir Arthur Charles Clark once said,                     “Any sufficiently advanced technology is indistinguishable from magic.”  And the words rightly describe an Artificial Intelligence (AI) in the modern day world. You may be the business organization which lacks a strong legal cell or may be the one which possesses an efficient team of lawyers. In either case, the challenge of managing a great deal of contracts never comes to an end. Long working hours are invested by lawyers in reviewing the terms of the Contract, in extracting and interpreting the potential of clauses of any contract. And, now imagine an AI which does the same work in the blink of an eye and with better efficiency.  The consequence of failing in endeavours to meet such challenges is extravagant. Contracts, often, in the stage of negotiation requires a higher degree of acumen in scrut...

The General Data Protection Regulation and its impact on  Indian  business contracts Introduction: The General Data Protection Regulation [2016] (hereinafter referred to as GDPR) is a landmark data protection law enacted by the European Union (hereinafter referred to as 'EU') with a view to protect rights of individuals within the Union. The law was adopted by the EU member states in 2016 but took effect only in May 2018. By adopting the GDPR, the EU has taken a significant step forward with respect to data protection and privacy rights in this modern day and age to keep up with the pace of technological developments. The GDPR [2016] has superseded the Data Protection Directive [1995] - which previously regulated the processing of personal data of EU citizens and protected their privacy rights. It is important to understand that the erstwhile data protection law, ie: the Data Protection Directive [1995] was only a ' directive ', which meant that it cou...

Lawyers and Contract management professionals spend copious number of hours in pouring over multiple number of documents for the seemingly daunting and tedious task of due diligence, contract review and compliance requirements. A lawyer doing a transaction due diligence typically spends 3 to 4 hours to review each contract. A contract management professional spends 6 to 8 hours to abstract a contract and create metadata and clause information. Most of this time is spent in converting scanned contracts into text files, reading through the contract, extracting relevant clauses and creating summaries. Only a small amount of time is actually spent in applying legal skills to come up with insights. Vaultedge Contract Analysis (VCA) is a software that automates a large portion of contract review and abstraction job so that lawyers can spend less time doing repetitive tasks and more time in advising clients.  VCA is an Artificial Intelligence (AI) based software that saves upto 8...

“The truth is, lawyers are not always the gold standard. In some cases, the gold standard is lawyers plus AI.” - Robert Ambrogi, Lawyer and Media & Technology professional Introduction Our understanding of “Artificial Intelligence (AI)” is largely guided by the world of fantasy fiction presented to us via books or movie. If that is the case then we need to take a huge step back because we have not yet reached a time where robots can run rogue after committing murder. However, the development of AI has in fact reached a level where you can just not ignore it. Every person with a digital footprint has experienced AI at some level. For example the e-commerce site you visit uses Machine Learning (which is one type of AI) to predict what you may like to buy next and show those products to you. Video streaming sites like NetFlix use AI to predict what you want to watch next. So whether one realises it or not, AI is already being used widely across many areas. This artic...