There are plenty of areas where there is a standardised starting point for contracts - ISDA has already been mentioned but you also have LMA loan documentation in the financial space, standard/default articles of association for companies, various standardised construction contracts (eg NEC in the UK), standardised contracts (sometimes even written into legislation) for land purchases, etc - the point is you draft (to greater or lesser extent) on the basis of where you want to differ from the standardised contract. Creating standardised contracts in such a way that the commonly customised parts are machine readable data sounds like a very good thing to me.
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