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About this Agent
The Risk Assessment Agent is an AI-driven digital worker designed to enhance the contract management process by meticulously analyzing legal contracts for potential risks. This intelligent agent identifies ambiguous terms, missing clauses, and unfavorable conditions that could pose significant risks to the parties involved. By providing a detailed risk assessment, this AI worker aids legal departments in ensuring contracts are comprehensive, clear, and aligned with organizational interests, thereby mitigating potential legal or financial repercussions.
Accuracy
TBD
Speed
TBD
Input Data Set
Sample of data set required for Risk Assessment Agent:
Contract Document
Section 1: Introduction
This Contract Agreement ("Agreement") is made and entered into by and between Lumos Insight Consulting ("Party A") and Aetheric Systems ("Party B"). The Agreement outlines the terms and conditions under which Party A and Party B agree to conduct business.
Section 2: Parties Involved
- Party A: Lumos Insight Consulting, located at 123 Business Rd, Commerce City, USA.
- Party B: Aetheric Systems, located at 456 Enterprise Ave, Tech Town, USA.
Section 3: Terms and Conditions
The parties agree to the following terms:
1. The term of this Agreement shall commence on January 1, 2024, and shall continue for a period of two (2) years, unless terminated earlier in accordance with this Agreement.
2. Party A agrees to provide services including but not limited to consulting, project management, and software development.
3. Party B agrees to make timely payments for services rendered as per the agreed-upon schedule.
Section 4: Obligations
- Party A Obligations: Party A shall perform the services in a professional and timely manner.
- Party B Obligations: Party B shall provide the necessary resources and support to facilitate the performance of services.
Section 5: Termination Clauses
1. Either party may terminate this Agreement with a 30-day written notice.
2. In the event of a breach, the non-breaching party may terminate this Agreement immediately upon providing notice.
Section 6: Other Clauses
1. This Agreement shall be governed by the laws of the State of Commerce.
2. Any amendments to this Agreement must be made in writing and signed by both parties.
Signatures
- Party A Signature: Date: _
- Party B Signature: Date: _
Deliverable Example
Sample output delivered by the Risk Assessment Agent:
Risk Assessment Report
Contract Overview
- Parties Involved: Lumos Insight Consulting, Aetheric Systems
- Contract Date: January 1, 2024 - December 31, 2025
Ambiguous Terms Identified
- Term 'professional and timely manner': The term is vague and could be open to interpretation.
- Clause 'necessary resources and support': There is no clear definition of what resources and support entail.
Missing Clauses
- Indemnification Clause: Not found in the contract, which could expose parties to legal risks.
- Confidentiality Clause: The agreement does not include any clauses related to the protection of confidential information.
Unfavorable Conditions
- High Penalty for Breach: The contract allows for immediate termination in case of a breach, without any cure period.
- Vague Timelines: The agreement lacks specific milestones or deadlines for the completion of tasks.
Recommended Actions
- Clarify Ambiguous Terms: Define 'professional and timely manner' and specify the required resources.
- Add Missing Clauses: Incorporate an indemnification clause and confidentiality agreement.
- Review Termination Conditions: Consider adding a cure period before termination in the event of a breach.
