Navigating AI Vendor Contracts: Minimizing Risks and Maximizing Opportunities in the AI Industry

As we continue our series on the opportunities and risks of generative artificial intelligence, practitioners in our Artificial Intelligence (AI), Machine Learning (ML), and Automation Industry Group explore these issues in a practical and logical manner. In this article, we will examine the complexities of contracts, service agreements, and vendors, and provide guidance on how to minimize risk to companies and their data.

In Part I of this series, we focus specifically on AI vendor contracts. The aim is to provide a general guide to the subject matter. However, it is important to note that specialist advice should be sought about your specific circumstances. This article aims to help you navigate the complexities of vendor contracts in the AI industry, while also highlighting the potential risks that can arise if not managed properly.