Legal AI Tools Reduce Risk in Your Contract Review

Using BlackBoiler

In-house legal teams worldwide rely on playbooks for their contract negotiations. Playbooks seek to standardize how legal teams review and negotiate contracts by specifying a company’s standard terms and fallback clauses. However, it is difficult to ensure that playbooks are followed as intended as interpretations may differ across a company, especially those with offices spread across the world. Not following a playbook can pose serious risks to companies, including increased liability and revenue leakage. According to the International Association for Contract & Commercial Management (IACCM), poor contract management costs companies 9% of their bottom line. 

How can companies avoid risk and encourage adherence to their playbooks? The answer is legal AI software like automated contract markup tools. Automated contract markup is contract review software powered by artificial intelligence (AI) that can review contracts, identify inconsistencies, and automatically suggest edits consistent with a company’s playbook — as a result, standardizing how the company’s review and markup their contracts, no matter who and where it is being negotiated.

By helping companies rigorously standardize their contract review, contract review software such as BlackBoiler‘s Automated Contract Markup can mitigate risk, reduce frustration, and increase efficiency.

Challenges with the Contracting Process

Thousands of contracts are negotiated by large companies every year. A good playbook allows all those involved in the contract process, such as legal, sales, and compliance teams, to ensure that everyone is on the same page and speaking the same language when it comes to contract negotiation. A good playbook is essential when the key players in the contract process are spread across the world in multiple offices. For global companies, the difficulties of following the playbook and maintaining accuracy are compounded by differences in languages, jurisdictions, business and cultural norms, and time zones.

Playbooks help with reducing risk and standardizing how contracts are reviewed, but even those with years of experience can fail to follow a playbook. Contracts are reviewed by teams on both parties, with multiple revisions going back and forth prior to a contract being signed. The work is very monotonous, and frequently legal teams review contracts with similar language to those they had reviewed previously. Due to the tedious nature of contract review, the potential for error is very high

Review contracts with contract review software, BlackBoiler

Automation in contract review

The good news is that advanced contract review software can make a significant impact on the contract negotiation process. By automating the contract review process, companies can standardize and streamline the review and negotiation of contracts. Automated contract markup tools like BlackBoiler use advanced technologies like machine learning and natural language processing to review contracts and to make suggestions and edits that are consistent with the company’s playbook. It learns from a company’s playbook and suggest revisions to future contracts under review according to the company’s standards and clauses, no matter who is reviewing. The tools continuously learn over time from user behaviors and become more efficient. The technology learns from how an attorney reviews contracts and replicates this behavior in future reviews, allowing attorneys to no longer review every word of every clause of a contract. Not only does AI-powered contract review provide significant time and cost savings while also reducing risk by standardizing the contract review across business units, it also allows for valuable data and historical knowledge that companies can leverage in each new negotiation.  

Legal teams should view AI and contract review software as a tool that will help support their work and allow them to focus on higher-value tasks, and not as something that will replace them. Companies that adopt the technology will benefit from internal “champions” who can explain the benefits of legal AI to everyone involved in the contract negotiation process and encourage consistent use. 

Contracts are the lifeblood of your business, regardless of your industry or where your offices are located. An inefficient contracting process can lead to inconsistencies, inaccuracies, lost revenue, and frustration. A well-executed contracting process can help you achieve significant savings in time, money, and labor and allow your in-house counsel to focus on higher-level, strategic work. With powerful automated contract markup tools to support the company’s playbook and supplement your attorneys’ work, your organization will quickly see benefits.

Share this article to:

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
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