On 21 April 2021, the European Commission presented a proposal for an Artificial Intelligence (AI) Act. The proposal’s aim is to address the risks associated with the placement and putting into service of an AI system on the EU market. In this contribution the Draft Regulation, its relationship to existing product safety law and its consequences for the private law liability of providers and users are assessed. More in particular, the proposed risk-based approach is explained, high-risk AI systems are discussed in more detail and what the implications of this public law instrument are for the private law contractual relationships and liability of the provider and user of an AI system.