Sea Company, a smart marketplace for cargo supply, announced the launch of its new AI assistant named Cora. This assistant is specifically designed to help maritime professionals manage contracts and identify risks, allowing users to respond to their contractual questions in natural language.
Cora's Functionality in Contract Management
Cora offers multiple capabilities that can help reduce the time needed to review documents. For example, users can ask questions like "Which contracts lack a sanctions clause?" or "What was our last agreement with this counterparty?" and receive accurate answers based on their contract portfolio within seconds. This feature is particularly valuable in situations where time is limited and quick decision-making is required.
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Cora has been specifically trained to understand maritime language, contract structures, and clause logic. This means that Cora can comprehend maritime-specific concepts in ways that general AI tools cannot. Additionally, this assistant operates within Sea's dedicated security environment, keeping sensitive contract information in a secure space.
Benefits of Using Cora for Users
By using Cora, users can:
- Find necessary answers in seconds, without the need to browse through folders or follow up with colleagues.
- Identify missing or mismatched items in clauses before they become risks.
- Leverage their position of strength in negotiations and quickly view past agreements.
- Make decisions with complete visibility and based on accurate information.
- Ensure consistency with approved positions by comparing new clauses against their standards or the BIMCO standard library.
Peter Schröder, CEO of Sea Company, stated: "For years, the maritime industry has been unable to fully leverage the valuable information contained in its documents. Cora is part of a broader transformation we are pursuing at Sea: turning clients' historical contracts into valuable and accessible data at the precise point of negotiation."
Contractual data is often viewed as a record of what has previously occurred. However, Cora represents a different premise: similar data, if made available correctly, can actively shape what happens in the future. Sea predicts that intelligence, not just storage, will become the new standard for how contracts are managed in the maritime industry.
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