AI and ML are set to revolutionize contract abstraction by automating the extraction of key information, making the process faster, more accurate, and cost-effective. These technologies can analyze vast volumes of contracts in minutes, identifying critical clauses and obligations without human error. Benefits include enhanced efficiency, reduced costs, and the ability to quickly derive insights for strategic decision-making. However, potential drawbacks include the initial setup cost, the need for ongoing training of AI models to adapt to different contract types, and the risk of overlooking nuanced or context-specific information that requires human judgment. Despite these challenges, AI and ML's role in contract abstraction promises a significant shift towards more streamlined and intelligent contract management.