Limitations Using ChatGPT in Contract Management

Description

This Skill Bit shows, that while ChatGPT aids contract management, limitations exist:

– Lacks legal expertise, risking inaccuracies.
– Responses may be misinterpreted despite accuracy.
– Limited domain knowledge may omit industry specifics.
– Potential bias from training data or user prompts.
– Security concerns arise with sensitive data.
– Cannot provide legal advice, necessitating caution.
– Struggles with complex contracts, possibly oversimplifying.
– Users have limited output control, influencing quality.
– Ethical concerns arise regarding transparency and fairness.
– Performance relies on training data quality and diversity.

Despite these, ChatGPT enhances efficiency with human oversight.

Duration approx. 5 Min.

Tier: advanced