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Let’s talk about AI and business contracts. If you're like me, you're always on the lookout for tools that could streamline our work processes, save us time and of course, save us a bit of money. But when it comes to something as critical as business contracts, should we actually entrust this task to AI? This discussion is more important than ever, considering AI is becoming an indelible part of our lives, whether we like it or not.

To give you some context, when I talk about AI in this realm, I refer to the likes of generative AI and anthropic AI, such as chatbots like ChatGPT and Claude AI. They're great at churning out content, but when the stakes are high and involve the legalities of business contracts, there's a lot to consider.

Today, we'll unpack some of the looming questions around AI, exploring:

- Whether AI should have a role in developing business contracts

- The risk of breaching confidentiality when using AI for automating business contracts

- The importance of incorporating human knowledge into AI contract review and analysis

- The positive side of AI in business

While AI offers some intriguing prospects, when it comes to the complexities and nuances of business contracts, I would advise caution. The technology isn't yet advanced enough to replace the tailored, up-to-date expertise required in legal practices. As we tread this fast-moving landscape, let's focus on harnessing AI to benefit our businesses, but always within the parameters of due diligence and legal compliance.

LINKS:

Episode Website: https://tmsolicitor.com.au/rise-up-in-business-podcast/

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