The Price of a Contract
Contract costs measured in time and money.
Legislate’s patented knowledge graph (U.S. Patent Application No. 17/212,520) enables it to streamline the process of creating contracts and aggregating contract data to quickly unlock valuable insights. This article will explain what a knowledge graph is and how Legislate members are using it in practice.
What are Knowledge Graphs?
A knowledge graph is a more flexible way of storing data. It allows data to be stored as an interconnected network rather than being restricted to a predefined traditional tabular format. Contract data is highly interconnected both within the contract but also between contracts. For example, the value of a term in once clause can impact the possible values in the following clauses and information in an employment contract will be connected to what was agreed in the offer letter. Legislate stores these connections in its knowledge graph to streamline the contracting process and make the data easily available to its users. Mind maps are a great analogy for knowledge graphs; the contract would be the central theme of a mindmap, with all the related terms and party information coming off it, just like ideas would come off the central theme in a mindmap.
Why are they important?
Knowledge graphs are important due to their flexibility, and allow business to utilise the data they have much more efficiently, and maximise the potential of data manipulation. Using reasoning we can model domain expertise in the knowledge graph so that we can receive answers to our contract questions very quickly. Highly interconnected data is much harder to question and manipulate with traditional databases. Legislate’s patent pending knowledge graph can answer questions and aggregate statistics from and between contracts effortlessly.
How Legislate has harnessed knowledge graph technology:
Legislate’s knowledge graph really speeds up drafting and negotiating contracts between users. By teaching the knowledge graph domain expertise, we can prefill the contract with the correct values, without requiring the user to fill in all the details themselves. For example, the total rent of a tenancy agreement can be determined automatically if it knows the type of tenancy agreement and how many tenants can live in the property . The knowledge graph also has a complete view across all a user’s contracts which allows it to aggregate statistics based on concepts which it has been taught. For example, if a landlord has a number of different properties in different cities, it can determine and compare the rent for all their properties in City A vs City B; or how many all inclusive properties they have and how many are currently being rented out. For the users of Legislate, who want a platform for the unlawyered, Legislate is a great way of keeping track of all their properties and statistics related to them.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.
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