Contract Management

Journal of Strategic Contracting and Negotiation, Ahead of Print. <br/>The integration of artificial intelligence (AI), including the recent appearance of revolutionary large language models (LLMs), marks a transformative era in the field of negotiations, reshaping traditional practices and presenting a range of opportunities and challenges. This article delves into the evolving interplay between negotiation and various AI technologies, as they now combine massive computational power with user-friendly interfaces capable of fluent, multi-topic conversations. The article categorizes AI's role in negotiation into assistance, semi-automation, and automation, each offering unique advantages and addressing different negotiation needs. While AI's ability to compensate for human limitations in rationality, emotion, and computational capacity is promising, it also raises concerns regarding biases, ethical considerations, and the reliability of automated decision-making. The burgeoning AI and negotiation collaboration necessitates a balanced approach, harnessing AI's potential to enhance negotiation outcomes while conscientiously navigating its challenges. This article aims to foster understanding of and influence the future trajectory of negotiation and AI, highlighting the need for ongoing research and development to ensure ethical, effective, and equitable negotiation practices in an AI-augmented future.

Journal of Strategic Contracting and Negotiation, Ahead of Print. <br/>In 2020, many companies had to adapt to virtual negotiations. Some did so more effectively than others. Now that in-person negotiation is possible again, people can use virtual negotiation spaces to save money, increase efficiency, support your team members, and improve the process. However, many companies do not know how to use the virtual spaces effectively. This article, written by a person who used virtual opportunities to negotiate long before the pandemic, offers advice and recommendations so that you can use the metaverse while preparing for, and undertaking, negotiations. From establishing "safe rooms" for document storage and sidebar conversations to "bio breaks" and decorating a virtual negotiation room, whether you use a single-space online system or a multi-floor virtual building, this article provides elements to consider and reminders to follow. You also receive caution about some of the new artificial intelligence assistants that may require legal or other approvals to use.

Journal of Strategic Contracting and Negotiation, Ahead of Print. <br/>Modern contracts allocate material powers to contractants to take major decisions which affect the interests of counterparties. Empirical evidence, from studies and from litigated cases, tends to show that those responsible for taking decisions using powers granted to them under contracts take those decisions seriously. They give the decision some thought, and they try to be reasonable. The law, however, does not generally insist on high standards of conduct. I explore the law and the social psychology of decision making, System 1 or System 2 as Kahnemann classified it, and how to align them, as well as discuss, from legal theory, how one might define a reasonable decision. Legal argument is underpinned by an analysis which suggests that control of decision-making powers should be a matter of contract construction, the Court's question to be directed at the likely intention of the parties.

Journal of Strategic Contracting and Negotiation, Ahead of Print. <br/>This article discusses the potential of generative artificial intelligence (AI) to revolutionize contract thinking and design. Experience and research tell us that most contracts focus on the wrong things—failure rather than success—and are presented in a way that is inaccessible to many people. Using the principles of proactive contracting and contract design, AI-powered writing assistants such as ChatGPT can help change the contracting paradigm by facilitating the transition from drafting to design and from reaction to proactive action. They can help transform the content, language, structure, and presentation of contracts, simplifying the tedious parts and increasing stakeholder empowerment and choice. This exploratory article presents examples of using AI tools to generate ideas and clauses for commercial contracts and to support contract redesign. This facilitates the creation of easy-to-read explanations, headings, and layered layouts that make contracts more effective, transparent, and sustainable, leading to better business and societal outcomes.

Journal of Strategic Contracting and Negotiation, Ahead of Print. <br/>Generative artificial intelligence (AI) is not new, yet it has recently experienced an explosion of interest and debate. Among the topics of concern is how it will affect human relationships and interactions and how organisations will deploy AI in conducting their external relationships. This paper addresses an ongoing experiment which explores the impact of AI in the field of negotiation. It provides initial observations on the use of machine learning in general and ChatGPT in particular in negotiated outcomes. We provide preliminary recommendations regarding the use of AI tools and systems in negotiation and pose questions related to possible future research.