The Revolution Meets the Road: AI and Transportation Contracts
By Jacob Dembar
When I graduated from college, I never anticipated that I would become immersed in the disruptive world of Artificial Intelligence. Transaction Expeditors was just starting to develop Artificial Intelligence concepts to read and understand transportation contracts. I was instantly amazed at what was involved in creating the elaborate and detailed systems that would make reviewing these complicated contracts accessible to everyone. As anyone in the industry knows. transportation agreements are complex, and it is easy to miss important concepts in them. It has been eye opening for me to see just how far contract review technology has advanced and to consider the wide-ranging implications this technology also has for other industries—like construction and real estate.
The AI that we use to review contracts was developed by our technology partner, LegalSifter. LegalSifter is a cutting-edge company that was created out of Carnegie Mellon University by a group of inventive technologists. The AI used to review contracts consists of both Natural language Processing and Machine Learning. The technology uses “sifters” which are AI algorithms that are trained to read text and to look for a specific concept, for example cargo insurance. Sifters not only learn from experience, but they also improve over time—learning from their mistakes. It is amazing to watch the sifters improve over time as they are trained to read the contracts.
Transaction Expeditors offers a team that has an extensive amount of experience dealing with transportation contracts We know what concepts are of the utmost importance and need to be identified. We also know the risk that is involved when reviewing these contracts and what could potentially happen if an important concept is missed. These contracts are long and complicated and finding people with the expertise to review them is often difficult. To solve this problem our team of experts in the transportation industry carefully developed sifters that target the most important concepts in common transportation contracts—concepts like a cap on the amount of cargo liability. Our solution makes it easier for people to identify and understand these important concepts in contracts. The software also offers help text advice and sample language for common concepts in transportation contracts. In fact, as far as we know, TRANSPORTATION RISKID is the world’s first AI software specifically intended for transportation contracts.
Having personally used this technology, I can firmly say it will change the transportation industry for the better by giving all parties more transparency into what is in their contracts and by helping people quickly and easily identify contractual risk. The technology is intuitive and easy to use. The best way to understand it is to see it in action for yourself. We’d love to show you a demo--if you’d like to see how AI is changing the world of transportation contracts, contact us at: info@transactionexp.com!