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Author: millardga

Contract Lifecycle Management (CLM): Improve CLM with AI Contract Negotiation

Contract Lifecycle Management

As a business owner, your business’ success largely depends on its ability to manage contracts and negotiate the best deals for your customers. However, there’s a lot of paperwork involved, and relying on traditional contract lifecycle management (CLM) tools can hinder businesses from realizing their goals for business growth. So this is where contract management […]

AI in Construction: How AI is Transforming Construction

construction contracts

People and organizations spend more than $10 trillion annually on building and construction activities worldwide. In fact, experts anticipate this number to increase by 4.2% by 2023. A large proportion of this amount results from the rapid development of technical developments that affect most components of the construction ecosystem. A 2020 report from McKinsey noted an increase in interest in AI-based […]

The Engineering Contract Review Process: What You Need to Know

Engineer Contracts

Considering the numerous issues that can arise during an engineering project, creating a solid foundation through an engineering contract is essential to reduce liability. Furthermore, your contract must comprise all the key components to offer the best protection against legal problems. So familiarize yourself with them before initiating your project. This blog post will guide […]

The AEC industry: How to Contract Better and Avoid Delays

Construction contracts

The AEC industry is a notoriously difficult one to navigate.  Research by Deltek’s discovered that 66% of AEC firms fail to complete one-quarter of their projects on time leading to significant financial losses.   What’s fascinating about this discovery is that most project delays are not caused by technical issues, but by budget overruns, problems with […]

Construction Contracts 101: Construction Contract Review Cheat Sheet

Construction contract review

The first step toward having a successful construction project begins with creating a detailed contract. It ensures that there is an agreement binding each party, creating a legally enforceable obligation. A solid construction contract protects not only the contractor, but also their clients. Here is a construction contract review checklist with common terms and clauses […]

Manufacturing Contracts: 3 Things to Know About Contract Review in Manufacturing

Manufacturing contracts

Contract reviews are critical procedures in manufacturing, which ensure a comprehensive assessment of staff, legal approvals, and equipment capabilities before the production process. In essence, these contract reviews are a moment of truth for all parties involved and often offer clarity on the terms and conditions of the manufacturing process. However, a simple mistake in […]

8 Types Construction Contracts You Need to Know

Construction contract

According to the Global Construction Industry Report of 2021, the industry is forecasted to hit $10.5 trillion come 2023. It’s moving at an average growth rate of above 4%. With the rising opportunities globally in commercial and residential infrastructure, the industry’s future looks luminous. The growing needs come with new construction trends, which directly impact […]

Construction Contracts: How to Leverage them to Drive Efficiency and Save Money

Construction contracts

Apocryphally, the phrase “may you live in interesting times” comes from an ancient Chinese curse. In the words of Sir Austen Chamberlain, politician, and brother of the British Prime Minister, Neville, “The curse has fallen on us…we move from one crisis to another. We suffer one disturbance and shock after another.” There is no doubt […]

Natural Language Processing (NLP): How You Can Leverage NLP for Contracts

NLP for contracts

Contracts are vital for all transactional operations, but reviewing and negotiating them can burden even seasoned attorneys. Moreover, bias and ambiguity are still perennial concerns for contract reviews. Fortunately, attorneys and corporate legal departments can now apply natural language processing (NLP) to review legal documents, including contracts. This revolutionary approach can hasten contract review and […]

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