Extracting Norms from Contracts Via ChatGPT: Opportunities and Challenges

Understand

We investigate the effectiveness of ChatGPT in extracting norms from contracts.

• Norms provide a natural way to engineer multiagent systems by capturing how to govern the interactions between two or more autonomous parties.
• We extract norms of commitment, prohibition, authorization, and power, along with associated norm elements (the parties involved, antecedents, and consequents) from contracts.
• Our investigation reveals ChatGPT's effectiveness and limitations in norm extraction from contracts.