Computable contracts are legal contracts that are formulated in computer-understandable form. Such contracts are emerging in multiple sectors including finance, law, e-commerce, insurance, and procurement, to name a few. This panel will address the state-of-the-art of computable contract technology.
We will begin by clarifying core computable contracting concepts: What are computable contracts and how do they differ from typical English-language contracts? The central idea of a computable contract is that its legal obligations are expressed in such a way that a computer can automatically determine whether legal contractual obligations have been complied with or not. The panel will also situate and distinguish computable contracts within the landscape of other legal contract-focused technology, including natural language processing contract analysis systems and crypto-based smart contracting.
The panel will then focus on the state-of-the-art of computable contracting. Where are computable contracts being used today? What can be done with the technology? What are it’s current limits? Where do we aspire to the future? The final part will focus on an exciting and rapidly emerging application: computable contracts in the insurance sector. Computable insurance contracts promise to bring a series of new benefits and efficiencies in the health, life, commercial and other insurance contexts.
Moderator: Prof. Harry Surden, University of Colorado School of Law; CodeX