Computer software company Adobe unveiled Contract Intelligence, an AI tool that reads and explains contracts in minutes.
It is available as a feature for “AI Assistant for Acrobat,” It’s an add-on for the Adobe Acrobat PDF reader, and it costs $4.99 monthly.
Soon, you and many others may rely on AI to read documents. Adobe’s latest research reveals most individuals and business leaders sign contracts without signing!
Why read documents with Adobe AI?
Contract Intelligence will enable its AI Assistant to identify whether a document is a contract, including scanned ones.
It will generate a contract overview with clear language, clickable citations, and emphasized key terms.
Consequently, you can quickly verify AI responses and check their sources.
The AI program can check 10 versions of the same contract for discrepancies.
Also, it offers secure sharing and signing so that customers can review contracts with stakeholders and request e-signatures.
Contract Intelligence and similar tools may become more prevalent based on Adobe’s latest survey.
It partnered with research firm Advanis to survey 1,020 US customers, 274 small business owners, 286 knowledge workers, and 202 technology leaders.
They asked participants how they engage with contracts at work and home. Consequently, 69% of consumers admitted they signed contracts without understanding all the details.
Moreover, 62% of small business owners said they did the same.
Should you use AI to read contracts?
Does AI bring new risks to data security? Here’s what you should know.
AI is transforming the way we approach data security, but it’s also giving cybercriminals new tools to exploit vulnerabilities.
From AI-powered phishing attacks to deepfake scams and adaptive ransomware, the…
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Most rely on online services, such as learning websites, job platforms, and video games.
These usually require that you click “Agree” to their terms and conditions. Consequently, having a computer program that can simplify them seems handy.
Keep in mind that AI models tend to hallucinate information by claiming false data is true. Also, understanding a document is still your responsibility, not the AI’s.
Submitting confidential documents to AI chatbots may put your and your company’s data at risk.
Some firms sell user data to third parties, and they are susceptible to cyberattacks.