Towards a Foundation for Intelligent Contracts

Georgios Stathis, Georgios Stathis, Athanasios Trantas, Giulia Biagioni, Jaap van den Herik, Bart Custers, Laura Daniele, Theofilos Katsigiannis

2023

Abstract

This article investigates the incorporation of Artificial Intelligence (AI) within LegalTech. We define an ontology to form the basis for Trustworthy AI processing of contract automation. The value of our research is that it applies an ontology, as existing tool, in contract automation. Two perspectives are emphasized: communications analysis and risk analysis. They are explored under a new prism. Our context is Intelligent Contracts (iContracts), which aim at reducing the time-consuming and often complex contractual process by minimizing human involvement. Contract communications and risk analysis processes are often neglected in automation. Therefore, our research investigates to what extent is possible to design an ontology for contract automation based upon the combination of both. Our methodology is twofolded. First, we concentrate on applying key word search on an online database to demonstrate the lack of available solutions. Second, we develop an ontology based upon a case study of a freelancer agreement. Of course, we use existing literature to further engineer the ontology. Our finding shows that 9.4 percent of LegalTech solutions deal with contract automation. From them, 0.7 percent focus on communications and risk automation for contracting. The conceptual expressiveness of the ontology is validated with research to the use case. A follow-up discussion suggests that the ontology should be further engineered from a third perspective, trustworthiness, and should be re-validated experimentally. Our conclusion underlines the need for further innovation in contract automation, especially in relation to communications and risk data.

Paper Citation

in Harvard Style

Stathis G., Trantas A., Biagioni G., van den Herik J., Custers B., Daniele L. and Katsigiannis T. (2023). Towards a Foundation for Intelligent Contracts. In Proceedings of the 15th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART, ISBN 978-989-758-623-1, pages 87-98. DOI: 10.5220/0011628200003393

in Bibtex Style

@conference{icaart23,
author={Georgios Stathis and Athanasios Trantas and Giulia Biagioni and Jaap van den Herik and Bart Custers and Laura Daniele and Theofilos Katsigiannis},
title={Towards a Foundation for Intelligent Contracts},
booktitle={Proceedings of the 15th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,},
year={2023},
pages={87-98},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011628200003393},
isbn={978-989-758-623-1},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 15th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,
TI - Towards a Foundation for Intelligent Contracts
SN - 978-989-758-623-1
AU - Stathis G.
AU - Trantas A.
AU - Biagioni G.
AU - van den Herik J.
AU - Custers B.
AU - Daniele L.
AU - Katsigiannis T.
PY - 2023
SP - 87
EP - 98
DO - 10.5220/0011628200003393