The Supreme Court has stated that contracts awarding work to private parties should not be cancelled without providing reasons for the cancellation. The court made this statement while reserving its judgement on an appeal against a Calcutta High Court order. The bench, consisting of Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra, acknowledged that private parties have a reasonable expectation of getting a return on their investment after winning a contract.
Legal technology company Luminance has secured $40 million in a funding round led by Santa Monica-based venture firm March Capital. Luminance offers software for automating contract processes and has raised fresh capital in 2024, like other AI contracts-focused firms. The company stands out from competitors due to its proprietary language model trained on millions of legal contracts. Luminance plans to use the funding to grow its presence in the US market.
