What to Read in a Contract? Party-Specific Summarization of Important Obligations, Entitlements, and Prohibitions in Legal Documents

Legal contracts, such as employment or lease agreements, are important documents as they govern the obligations and entitlements of the various contracting parties. However, these documents are typically long and written in legalese resulting in lots of manual hours spent in understanding them. In this paper, we address the task of summarizing legal contracts for each of the contracting parties, to enable faster reviewing and improved understanding of them. Specifically, we collect a dataset consisting of pairwise importance comparison annotations by legal experts for ~293K sentence pairs from lease agreements. We propose a novel extractive summarization system to automatically produce a summary consisting of the most important obligations, entitlements, and prohibitions in a contract. It consists of two modules: (1) a content categorize to identify sentences containing each of the categories (i.e., obligation, entitlement, and prohibition) for a party, and (2) an importance ranker to compare the importance among sentences of each category for a party to obtain a ranked list. The final summary is produced by selecting the most important sentences of a category for each of the parties. We demonstrate the effectiveness of our proposed system by comparing it against several text ranking baselines via automatic and human evaluation.