This dissertation thesis highlights the main challenges which are brought by Generative AI. It will explore aspects such as the main contractual, intellectual property and data compliance issues and will propose strategies and recommendations for risk mitigation. This dissertation thesis aims to explore and expand the current knowledge and perspectives on the contractual challenges in the age of Generative AI. It explored aspects such as the main contractual, intellectual property, ethical and data compliance issues and proposed strategies and recommendations for risk mitigation. Also, it provides a brief look into some of the AI regulations that exist in the EU, US and ASIA (China, Japan, United Arab Emirates).