KYO – Know Your Obligations (Obligation Tracking) Part II
We discussed the meaning and objectives of obligation tracking in the previous post, in this post we will discuss how effective the process of automation in tracking can be and how Brightleaf holds an edge over other automation tools enabling it to achieve unparalleled excellence.
Before we begin to explain the application of artificial intelligence in contract abstraction, we must keep in mind how complex, vast, and varied contracts can be and given their legally binding nature, how imperative it is to dig out each and every commitment made under it so as to not miss any compliance with them – hence for any tool to manage and track obligations it is important that it has the ability to (a) scrutinize a contract (b) understand the obligations contained in it and then (c) abstract accordingly, without which a process would otherwise remain as good as a manual operation.
The next question that may come to the reader’s mind is that how can one and the same software deal with different contracts when no two are alike?
The answer lies in the name itself, Brightleaf’s software is rightly called a ‘semantic intelligence engine’ – for it is programmed to understand the ‘meaning’ of the content than to just work on unintelligent codes which would fail the moment a different pattern is exposed.
To explain this, let us give you a brief background on the core fundamentals of contractual law. All contracts, irrespective of the laws under which they are incorporated, share common basic characteristics, which any textbook would commonly refer to them as “essentials of a valid contract” –
- Lawful consideration
- Intention to bind the parties legally
While the first two characteristics are the very first steps to enter into an agreement, it’s the latter two that give real shape and meaning to a contract and around which revolves the whole story. The other provisions of a contract (like dispute resolution, indemnities, governing law, etc.) have their existence solely as a consequence to give effect to these main characteristics.
Brightleaf’s software is unique in the sense that it is made to function through an understanding of these concepts based on their significance and not just through contemporary patterns which keep evolving over time. So, no doubt, with the passage of time the law, patterns of drafting style, and negotiations change drastically, the underlying principles of logic – over which the Brightleaf software is developed – continue to remain unchanged and it is by virtue of the application of these basic principles at its core that majority of the abstraction is accomplished itself accurately making cleaning and quality assurance a relatively smaller or side activity.
Brightleaf has been successfully providing obligation tracking services to some of the big industry players, click here to download Brightleaf’s BT success story.