REQUEST DEMO

5 Things AI Can Do for Contract Review

contract tech

Whether it’s an NDA, a service agreement or construction project, when you are negotiating terms of a deal, contract review is often a tedious, inefficient process with a potentially high level of risk. AI-based contract review allows businesses to streamline and improve complex processes and assist lawyers in reviewing the contract terms within minutes or hours. This software simplifies information, making it easy to read and flag identify areas of concern and red flags.

Since generative AI came on the scene, there is a lot of conversation and prognostication about what AI can do for contract review. By implementing an AI-based contracting solution, businesses can achieve multiple benefits throughout the contract review process.

How Does AI Contract Review Work?

At its core, AI-based contract review improves accuracy and accelerates the speed of business while lowering risk. Before exploring the many options available, it’s important to understand the five fundamental competencies of AI-based contract review technology.

  1. Identify and extract key contract terms. This includes the contract’s parties, subject matter, scope of work, payment terms, and termination provisions. The software should be able to do this automatically, without the need for manual review.
  2. Compare contracts to a predefined template or checklist. This can help to ensure that the contract meets the company’s standard requirements. The software should be able to identify any deviations from the template or checklist and flag them for the reviewer’s attention.
  3. Identify potential risks and issues. This includes things like ambiguous language, unfair terms, and potential conflicts with other contracts. The software should be able to identify these risks and issues so that the reviewer can take appropriate action.
  4. Generate reports on the contract review process. This can help to track the progress of the review and identify any areas that need improvement. The reports should be easy to read and understand, and they should be customizable to meet the needs of the organization.
  5. Integrate with other systems. This can help to automate the contract review process and improve collaboration between different departments. For example, the software could be integrated with a document management system to allow for easy access to contracts.

Smart, Seamless and Customizable

In addition to these fundamental features, automated contract review software should also be able to get smarter over time, seamlessly integrate into the user’s workflow, and be customizable to meet specific needs.

As the software is used more and more, it should become better at identifying key contract terms, risks, and issues. It should also be customizable to meet the specific needs of the organization. This could include things like the ability to define custom templates and checklists, or the ability to integrate with other systems. Finally, the software should be intuitive and user-friendly, so that even non-legal professionals can use it effectively.

By automating the contract review process, businesses can save time and money, improve the accuracy of their contracts, and reduce legal risk. If you are looking for a way to improve the efficiency, accuracy, and risk management of your contract review process, then automated contract review software is a good option to consider. BlackBoiler’s technology grows smarter and increases efficiency with every use, ultimately cutting contract review time by more than 70%.

Want to Learn More?

BlackBoiler’s automated contract review software can help ensure that your contracts are tailored to your business needs and always in compliance with industry best practices. By taking these steps, you can reduce risk, improve efficiency, and ultimately ensure the success of your construction projects. To schedule a demo of BlackBoiler’s contract review software, click here.

Share this article to:

Recent Articles

We use cookies to personalize content and to ensure you get the best experience on our website. Thank you for visiting BlackBoiler.com.

View more
Cookies settings
Accept
Decline
Privacy & Cookie policy
Privacy & Cookies policy
Cookies list
Cookie name Active

What information do we collect?

We collect information from you when you register on our site or place an order. When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address or mailing address.

What do we use your information for?

Any of the information we collect from you may be used in one of the following ways: To personalize your experience (your information helps us to better respond to your individual needs) To improve our website (we continually strive to improve our website offerings based on the information and feedback we receive from you) To improve customer service (your information helps us to more effectively respond to your customer service requests and support needs) To process transactions Your information, whether public or private, will not be sold, exchanged, transferred, or given to any other company for any reason whatsoever, without your consent, other than for the express purpose of delivering the purchased product or service requested. To administer a contest, promotion, survey or other site feature To send periodic emails The email address you provide for order processing, will only be used to send you information and updates pertaining to your order.

How do we protect your information?

We implement a variety of security measures to maintain the safety of your personal information when you place an order or enter, submit, or access your personal information. We offer the use of a secure server. All supplied sensitive/credit information is transmitted via Secure Socket Layer (SSL) technology and then encrypted into our Payment gateway providers database only to be accessible by those authorized with special access rights to such systems, and are required to?keep the information confidential. After a transaction, your private information (credit cards, social security numbers, financials, etc.) will not be kept on file for more than 60 days.

Do we use cookies?

Yes (Cookies are small files that a site or its service provider transfers to your computers hard drive through your Web browser (if you allow) that enables the sites or service providers systems to recognize your browser and capture and remember certain information We use cookies to help us remember and process the items in your shopping cart, understand and save your preferences for future visits, keep track of advertisements and compile aggregate data about site traffic and site interaction so that we can offer better site experiences and tools in the future. We may contract with third-party service providers to assist us in better understanding our site visitors. These service providers are not permitted to use the information collected on our behalf except to help us conduct and improve our business. If you prefer, you can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies via your browser settings. Like most websites, if you turn your cookies off, some of our services may not function properly. However, you can still place orders by contacting customer service. Google Analytics We use Google Analytics on our sites for anonymous reporting of site usage and for advertising on the site. If you would like to opt-out of Google Analytics monitoring your behaviour on our sites please use this link (https://tools.google.com/dlpage/gaoptout/)

Do we disclose any information to outside parties?

We do not sell, trade, or otherwise transfer to outside parties your personally identifiable information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

Registration

The minimum information we need to register you is your name, email address and a password. We will ask you more questions for different services, including sales promotions. Unless we say otherwise, you have to answer all the registration questions. We may also ask some other, voluntary questions during registration for certain services (for example, professional networks) so we can gain a clearer understanding of who you are. This also allows us to personalise services for you. To assist us in our marketing, in addition to the data that you provide to us if you register, we may also obtain data from trusted third parties to help us understand what you might be interested in. This ‘profiling’ information is produced from a variety of sources, including publicly available data (such as the electoral roll) or from sources such as surveys and polls where you have given your permission for your data to be shared. You can choose not to have such data shared with the Guardian from these sources by logging into your account and changing the settings in the privacy section. After you have registered, and with your permission, we may send you emails we think may interest you. Newsletters may be personalised based on what you have been reading on theguardian.com. At any time you can decide not to receive these emails and will be able to ‘unsubscribe’. Logging in using social networking credentials If you log-in to our sites using a Facebook log-in, you are granting permission to Facebook to share your user details with us. This will include your name, email address, date of birth and location which will then be used to form a Guardian identity. You can also use your picture from Facebook as part of your profile. This will also allow us and Facebook to share your, networks, user ID and any other information you choose to share according to your Facebook account settings. If you remove the Guardian app from your Facebook settings, we will no longer have access to this information. If you log-in to our sites using a Google log-in, you grant permission to Google to share your user details with us. This will include your name, email address, date of birth, sex and location which we will then use to form a Guardian identity. You may use your picture from Google as part of your profile. This also allows us to share your networks, user ID and any other information you choose to share according to your Google account settings. If you remove the Guardian from your Google settings, we will no longer have access to this information. If you log-in to our sites using a twitter log-in, we receive your avatar (the small picture that appears next to your tweets) and twitter username.

Children’s Online Privacy Protection Act Compliance

We are in compliance with the requirements of COPPA (Childrens Online Privacy Protection Act), we do not collect any information from anyone under 13 years of age. Our website, products and services are all directed to people who are at least 13 years old or older.

Updating your personal information

We offer a ‘My details’ page (also known as Dashboard), where you can update your personal information at any time, and change your marketing preferences. You can get to this page from most pages on the site – simply click on the ‘My details’ link at the top of the screen when you are signed in.

Online Privacy Policy Only

This online privacy policy applies only to information collected through our website and not to information collected offline.

Your Consent

By using our site, you consent to our privacy policy.

Changes to our Privacy Policy

If we decide to change our privacy policy, we will post those changes on this page.
Save settings
Cookies settings

BLACKBOILER AI Contract Review Software