Description

Algorithmic and AI-driven automation pervades a growing variety of activities and decision-making processes in the digital economy, ranging from basic tasks (searching, comparing, ordering etc) to more sophisticated processes (recommending, credit scoring, complaint handling etc). The benefits of efficiency, speed, personalization, scalability, and cost-reduction have also encouraged the use of algorithms and AI for contractual purposes throughout the contract life-cycle, for the negotiation, formation and performance of contracts, and in the self-execution of remedies. While benefits are amply recognized, there are challenges and legal concerns that must be addressed in the absence of a clear, consistent, and complete legal framework for ‘algorithmic contracting’. The need to provide legal certainty in the use of algorithms and AI is vital to usher in a new generation of ‘algorithmic contracts’ in international trade. Fostering innovation and unleashing the social benefits and the economic potential of algorithm and AI in contracting require sound guidance for providers, operators, and market actors with a clear and predictable harmonized legal framework. The aim of this seminar is to discuss principles that can work in different legal environments, which can provide inspiration and guidance for policymakers, lawmakers, practitioners and courts.