On Day 3 of 20 in our series on 'Generative AI for Contracts', lets talk about Contract Summaries.
When it comes to Contract Summaries, there are two types-
Typically, all organizations have developed some sort of template or checklist that the summaries follow. Usually, it contains a combination of important legal and commercial considerations. And its usually 1-2 pages (so that busy executives can approve the contract on its basis). Using Generative AI to assist in population of such a summary template is a very powerful usecase. We will look briefly at how this is done, later in the article.
Before we delve into the details of how to develop these customized contract summaries, lets discuss what a summary is.
When it comes to generating summaries using generative AI models, there are two main approaches: abstractive and extractive.
Abstractive summarization involves generating a summary that uses natural language to express the essence of the original text. This approach involves analyzing the text and generating a summary that captures the main ideas and themes of the original text, while also using new words and phrasing to create a more readable and engaging summary. Abstractive summarization is more challenging than extractive summarization because it requires the AI model to understand the meaning of the text and to be able to generate new language that accurately reflects that meaning.
Lets take a sneak peek at how ContractKen creates a generic contract summary:
Extractive summarization, on the other hand, involves generating a summary that uses exact words and phrases from the original text. This approach involves identifying the most important sentences or phrases in the original text and using them to create a condensed summary. Extractive summarization is easier to implement than abstractive summarization because it does not require the AI model to generate new language. However, extractive summarization may not capture the full meaning of the text and may result in a summary that is less engaging and readable than an abstractive summary.
Lets take a sneak peek at how ContractKen creates a specific contract terms summary:
Now, lets discuss how custom summary templates can be automatically generated with high accuracy:
Reach out to us at hello@contractken to discuss how you can leverage Generative AI to create custom summaries for your contracts
Key needs in contract management include locating all your signed contracts and being able to query them quickly. In this article, we discuss how an Intelligent Contract Repository helps you achieve both these goalsRead More
How Generative AI can be use to perform rigorous Contract Risk Analysis. In this example, we discuss a technique called as 'Chain of Thought' (CoT) to illustrate how LLMs can perform reasoning tasks in contracts.Read More
In the first post of our 20 post series on Generative AI for contracts, we develop a deeper understanding of what LLMs are, what have they understood about language, what is the challenge with the likelihood based text completion algorithm and some simple analogies to compare LLMs in the context of contracts.Read More