Jim Wagner, co-founder and CEO of The Contract Network, an AI-powered contract collaboration platform, discusses the benefits of their product, the role of AI in various industries, efficient use cases of TCN technology for health organizations, and challenges in regulating AI.
The Contract Network (TCN) is an AI-powered collaboration platform that streamlines the contract negotiation process, saving time and improving efficiency for businesses.
TCN emphasizes a human plus technology approach, leveraging AI to enhance legal professionals' performance and streamline tasks, while emphasizing the importance of human oversight and review to ensure accuracy and appropriateness of AI-generated outputs.
Deep dives
Overview of TCN and its Purpose
The Contract Network (TCN) is an AI-powered collaboration platform designed to streamline the contract negotiation process. It aims to enable two or more parties to reach an agreement more quickly. TCN differentiates itself by focusing on the negotiation phase, which is often the most critical and time-consuming part of contract management. The platform allows users to compare agreements to their standards and quickly identify any deviations. It also records data from the very first draft of the agreement, eliminating the need to reconstruct the contract after signing. TCN aims to save time, improve efficiency, and enhance compliance for businesses in various sectors, including FinTech, healthcare, life sciences, and state and local government.
AI and Legal Professionals
Contrary to the fear of AI displacing lawyers, TCN emphasizes a human plus technology approach. It acknowledges that AI is a valuable tool to enhance legal professionals' performance, rather than replacing them. The platform provides professionals with AI-enabled features to increase productivity, improve completion and quality, and expedite the negotiation process. However, it stresses the importance of human oversight and review to ensure the accuracy and appropriateness of AI-generated outputs. TCN aims to support legal professionals in their work by leveraging AI technology to streamline their tasks, promote speed, and eliminate waste in the negotiation process.
Regulatory Considerations for AI
Regulating AI poses significant challenges, particularly in its early stages of development. To address these challenges, TCN suggests that regulators engage with AI products directly, rather than making hypothetical assumptions. By using the products, regulators can gain firsthand experience and better understand their functionalities, limitations, and potential impact. It is crucial for regulators to educate themselves, both by exploring the AI technology and learning from industry resources. TCN also encourages regulators to accept that AI, particularly large language models, like LLMs and generative AI, are already widely used and accepted. Instead of trying to reverse their implementation, regulators should focus on prioritizing appropriate safeguards, such as consumer protection and ethical considerations, to ensure responsible AI usage.
Ever had a deal get stuck in the mud during contract negotiation with endless redlines and ballooning legal fees? Turns out there's a fix for that. Bradley talks to Jim Wagner, co-founder and CEO of The Contract Network, an AI-powered contract collaboration platform that helps stakeholders close deals quickly and easily.
This episode was taped at P&T Knitwear at 180 Orchard Street — New York City’s only free podcast recording studio.
