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Last updated on 2024年4月9日

What do you do if you're negotiating contracts in the age of AI and blockchain?

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In the fast-evolving world of technology, contract negotiation has undergone a significant transformation. The advent of artificial intelligence (AI) and blockchain technology has revolutionized the way contracts are created, executed, and managed. Understanding how these technologies impact your negotiation strategies is crucial. AI can analyze vast amounts of data to provide insights and predictions, helping you make informed decisions. Blockchain, on the other hand, offers a secure and transparent way to execute contracts through smart contracts, which are self-executing contracts with the terms directly written into code.

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Harri V.

Executive Procurement Leader | Driving Strategic Sourcing, Operations & Supply Chain Innovations
Issa Alhashimi

Empowering Businesses Through Innovative IT Solutions: AI IT for Space Missions: LIRDIGITAL LIMITED

1 Embrace AI

Artificial Intelligence (AI) can be a game-changer in contract negotiations. By leveraging AI tools, you can analyze historical contract data to identify trends and patterns, which can inform your negotiation strategy. AI can also assist in drafting contracts by suggesting clauses based on your objectives and past agreements. It's essential to become comfortable with AI's capabilities and limitations to effectively integrate it into your negotiation process, ensuring that you maintain control while benefiting from AI's analytical power.

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2 Understand Blockchain

Blockchain technology can significantly impact contract negotiation by introducing the concept of smart contracts. These are self-executing contracts with the terms directly written into code on the blockchain. Smart contracts automate and enforce contract obligations without the need for intermediaries, which can reduce costs and increase trust between parties. It's important to understand how blockchain and smart contracts work to negotiate terms that are compatible with this technology and to ensure that all parties are on the same page regarding its implementation.

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3 Leverage Transparency

One of the most significant advantages of blockchain is its inherent transparency. Every transaction and contract amendment is recorded on a distributed ledger, providing a clear audit trail. In negotiations, this level of transparency can foster trust and reduce misunderstandings. You should leverage this feature to your advantage by promoting clear communication and setting expectations that all changes will be visible and verifiable by all parties involved.

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4 Mitigate Risks

While AI and blockchain offer many benefits, they also introduce new risks that must be mitigated during contract negotiations. It's crucial to address potential cybersecurity threats, data privacy concerns, and the reliability of AI predictions. Ensure that your contracts include provisions for these risks, such as data breach protocols and liability clauses. By anticipating these challenges, you can negotiate terms that protect all parties and maintain confidence in the technology being used.

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Harri V.

Executive Procurement Leader | Driving Strategic Sourcing, Operations & Supply Chain Innovations
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Evaluate suitability & limitations of Ai for contract negotiation. Maturity, Time & Money: Your current data team may not be sufficient, and you may need to hire an AI/ML engineer who understands Retrieval-Augmented Generation, Embeddings, Fine-Tuning, and Vector databases. AI/ML engineer will be able to advise you on how AI can best serve your contract negotiation needs, as well as explaining the risks of 'hallucinations' & assessing the validity of contract management solutions' AI claims. AI efficiency & effectiveness depend on hardware, software, network, data management, and cybersecurity, which may require costly upgrades or replacement. AI is also compute-intensive and can increase Azure or AWS costs.

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5 Stay Updated

The landscape of AI and blockchain is constantly changing, with new developments emerging regularly. To negotiate contracts effectively in this age, you must stay updated on the latest advancements and regulatory changes. This knowledge enables you to anticipate future trends and prepare for how they might affect contract terms. Continuous learning and professional development will keep you at the forefront of contract negotiation in a tech-driven world.

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6 Cultivate Skills

Negotiating contracts in the age of AI and blockchain requires a blend of traditional negotiation skills and new competencies. You need to be adept at interpersonal communication, critical thinking, and strategic planning while also understanding technical aspects of AI and blockchain. Cultivating a skill set that marries these domains will make you an invaluable asset in any negotiation, ensuring that you can bridge the gap between complex technologies and practical business needs.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Issa Alhashimi

Empowering Businesses Through Innovative IT Solutions: AI IT for Space Missions: LIRDIGITAL LIMITED
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Negotiating a contract in the age of AI and blockchain can present unique challenges and opportunities. Here are some considerations and strategies you can employ during the negotiation process:

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Harri V.

Executive Procurement Leader | Driving Strategic Sourcing, Operations & Supply Chain Innovations
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AI offers many benefits, but it is not without risks. Confidentiality & Security: Conduct a risk assessment on data security, confidentiality, sovereignty and ownership across all states of data from rest, transit, in use etc. Identifying vulnerabilities specific to llm nlp AI systems like prompt injections, data poisoning, model inversion, membership inference etc. Unlike SQL, MDX, or DAX queries, NLP AI systems require specialized compute hardware with non-standard virtualization technologies. These resources are finite and thus shared among customers. Therefore, you need to verify and contractually obligate your AI solution provider to keep your data separate from that of other customers at all times.

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What do you do if you're negotiating contracts in the age of AI and blockchain?

1

2

3

4

5

6

7

1 Embrace AI

2 Understand Blockchain

3 Leverage Transparency

4 Mitigate Risks

5 Stay Updated

6 Cultivate Skills

7 Here’s what else to consider

Contract Negotiation

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What do you do if you're negotiating contracts in the age of AI and blockchain?

1

2

3

4

5

6

7

1 Embrace AI

2 Understand Blockchain

3 Leverage Transparency

4 Mitigate Risks

5 Stay Updated

6 Cultivate Skills

7 Here’s what else to consider

Contract Negotiation

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