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Journal Article

Conversion of Legal Agreements into Smart Legal Contracts using NLP

April 30, 2023
WWW '23 Companion: Companion Proceedings of the ACM Web Conference 2023

A Smart Legal Contract (SLC) is a specialized digital agreement comprising natural language and computable components. The Accord Project provides an open-source SLC framework containing three main modules: Cicero, Concerto, and Ergo. Currently, we need lawyers, programmers, and clients to work together with great effort to create a usable SLC using the Accord Project. This paper proposes a pipeline to automate the SLC creation process with several Natural Language Processing (NLP) models to convert law contracts to the Accord Project’s Concerto model. After evaluating the proposed pipeline, we discovered that our NER pipeline accurately detects CiceroMark from Accord Project template text with an accuracy of 0.8. Additionally, our Question Answering method can extract one-third of the Concerto variables from the template text. We also delve into some limitations and possible future research for the proposed pipeline. Finally, we describe a web interface enabling users to build SLCs. This interface leverages the proposed pipeline to convert text documents to Smart Legal Contracts by using NLP models.

Eason Chen

National Taiwan Normal University, Taiwan

Niall Roche

University College London

Yuenhsien Tseng

National Taiwan Normal University, Taiwan

Walter Hernandez

University College London & DLT Science Foundation

Jiangbo Shangguan

HSBC Business School, Peking University, United Kingdom

Alastair Moore

University College London, United Kingdom

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