AI-based chatbots are software that rely on technologies like natural language processing and machine learning.
By using smart contracts, integrating AI systems into customer support can have a significant impact and help mitigate potential issues.
AI in customer support enables faster interaction with users and improves the overall customer experience, but its systems require considerable time, large datasets, and a lot of work.
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As Halloween approaches, it’s not just ghosts and goblins that haunt us, contractual agreements, with their spooky clauses, can also have their fair share of terrifying twists.
Just like a good horror story, a poorly crafted contract can lead to unforeseen consequences, misunderstandings, and even legal battles that can chill you to the bone.
In this article, we’ll delve into some of the most spine-tingling clauses that can lurk in the shadows of your agreements, waiting to ensnare the unsuspecting.
From ambiguous scopes that lead to disputes, to terrifying liabilities that could undermine your business, we’ll shed light on these contractual fears and how to avoid them.
Scope and Objectives:
Defining the scope and objectives of an agreement can often be ambiguous, leading to misunderstandings regarding what is included or excluded. The parties may interpret deliveries, timelines, and outcomes differently, resulting in vague language that can lead to disputes over unmet obligation
This ambiguity could potentially lead to legal action.
To prevent such alarming outcomes, it is essential to clearly delineate all deliveries, timelines, and specific objectives using precise language. Regularly reviewing and updating the scope, if necessary, can help avoid confusion.
Plus: In Trakti, you can use the collaborative environment to communicate with the parties by exchanging messages, updates, and notifications. Additionally, you can incorporate Trakti variables, orders, and tables into your contracts, detailing timelines and specific objectives.
Limitation of Liability:
Negotiating liability limits can be contentious, as parties seek to protect their interests while maintaining mutual fairness. Striking a balance between limiting exposure and ensuring adequate accountability can feel like walking a tightrope.
Excessively limiting liability can expose parties to significant risks, while overly broad limits may deter parties from entering into agreements.
To navigate these treacherous waters, propose reasonable limits based on the nature of the agreement, including limits on direct damages while excluding consequential damages.
Plus: During negotiations, Trakti allows you to make offers and counter-offers, and propose amendments. Additionally, you can request reviews from external parties to gain an opinion on the contract; proposals can be accepted, evaluated, or rejected through the platform, allowing for traceable discussions at every stage and arriving at a signature only when both parties agree.
Intellectual Property (IP):
Issues related to ownership and rights to use intellectual property can be contentious, especially in collaborative projects where multiple parties contribute.
Defining what constitutes confidential information can lead to disputes, and misunderstandings regarding IP rights can result in costly litigation, hindering innovation or commercialisation efforts.
To prevent such terrifying scenarios, clearly define ownership, usage rights, and licensing agreements, and consider including provisions for joint developments and post-contractual uses.
Plus: Keep all attachments to the main contract in Trakti, and track every message and communication exchanged between the parties.
In the insurance industry, blockchain technology is already proving to be a game-changer. With the increasing use of smart legal contracts, insurance companies can now benefit from increased transparency, and efficiency in their operations through the use of parametric insurance.
Smart legal contracts and parametric insurance are both technologies that can be used to automate and simplify certain aspects of insurance contracts and can be used together to create more efficient and reliable insurance products.
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Business is going digital and digitisation has spread throughout all areas of private law, including inheritance law. “Digital inheritance” is a term in law, and refers to the transfer of rights to digital assets.
A Digital asset can be defined as a personal property owned by an individual which is stored in a digital form, therefore any digital data that a person leaves, after his death, stored on diverse types of digital devices and in the cloud. This includes a multitude of digital formats and their respective metadata: from your online accounts, including banking information, to social media passwords.
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The no-code movement is a trend that can also offer a lot of potential benefits for the legal and administration sectors.
According to Gartner, no-code and low-code application development will be responsible for more than 65% of application development activity by 2024.
No-code platforms can revolutionise the way legaltech approaches its internal innovation and automation of key tasks.
No-code tools and technologies can help lawyers to efficiently drive their business.
This is certainly a challenge with regards to user experience, as no code applications transform and simplify the way we can all interact with the interface of an app or software.
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The global community faces an unprecedented challenge: combating climate change and transitioning to a sustainable future. Innovative solutions are required to address this urgent issue, and digital technologies have emerged as powerful tools in the fight against climate change. Among these technologies, blockchain, web3, and regenerative finance have the potential to make a significant impact on climate action and support the decarbonisation of our world.
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In the dynamic realm of blockchain technology, Avalanche shines as a beacon of innovation and promise. Renowned for its unmatched scalability and speed, Avalanche has captivated the attention of cryptocurrency experts and investors worldwide. Recently, on March 27, we were honored to engage in a dialogue with Martin Eckardt, a pivotal figure in the development of Avalanche.
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