AI as a Tool to Manage Contracts Consequences and Challenges in Applying Legal Tech to Contracts Management

The article analyses the consequences and challenges of new technologies’ application to contracts. The change occurring in the application of AI and, broadly, automation systems to contracts affects the creation of the contract, the professionals involved, the market, regulations, and regulatory systems, as well as contract law. Two main consequences of this change. The first one is the application to the legal sector and to the contract of a larger phenomenon: the servitization or productification/mercification of professional performance. The second disruptive factor introduced by these technologies, less underlined, is the possibility to use data to manage, conclude and analyse contracts. Contracts are no longer represented by paper documents. The contract is moving from document to data, represented as a set of fluid information and it can be organized and managed by technology for the efficient (and peaceful) relationship of the parties. The paper describes this contract revolution analysing: (1) the effects on the legal products, legal market, and legal professionals; (2) the role of the legal tech company as a new intermediary; (3) compliance and regtech new possibilities; (4) applications to asymmetries and clauses evaluation.