7 Ways AI is Transforming Construction Contracts
The construction industry has seen a significant transformation in recent years, thanks to the integration of technology into various facets of the field. Among these technological innovations, Artificial Intelligence (AI) has emerged as a game-changer. Particularly, AI is revolutionizing the way construction contracts are managed and executed. In this blog post, we’ll delve into seven […]
Pre-Execution Contract Review and Negotiation Technology vs. CLMs: Bridging the Gap for Streamlined Contract Management
Contracts are the lifeblood of any business, serving as the foundation for all transactions and agreements. But managing contracts effectively can be a daunting task, especially when considering the complexities of the contracting process. Contract Lifecycle Management (CLM) technology occupies a big space in legal technology, but it’s not the answer to every contracting need. […]
Optimizing Logistics and Shipping Contracts: 5 Strategies for Efficiency and Cost Savings
Logistics and shipping contracts are vital for ensuring smooth operations and cost-effective transportation of goods within the supply chain. To maximize efficiency, minimize expenses and increase the speed of business, here are five strategies that can help organizations optimize logistics and shipping contracts, resulting in streamlined operations, improved customer satisfaction and significant cost savings. Clearly […]
Transforming Contract Review and Markup: Dan Broderick on Constructed Futures
In a recent episode of the Constructed Futures podcast, host Hugh Seaton sat down with Dan Broderick, co-founder and CEO of BlackBoiler, to discuss the company’s patented software and its groundbreaking impact on contract review and markup within the construction industry. Read on for a summary of their conversation. Automating Contract Review and Markup BlackBoiler […]
Flowers are Blooming, and Construction is Booming
Spring has sprung! The sun is shining, and the birds are chirping, which means only one thing… construction projects are ramping back up and so is construction contracting. According to the U.S. census, construction spending during the first two months of this year totaled $260.8 billion, 5.9 percent above the $246.1 billion for the same period […]
The 3 Stages of Construction Contract Review
Construction contract review requires constant cycles of negotiation. Agreements between contractors, subcontractors and owners that describe the work to be carried out and payment terms are essentially reviewed three times, at the bid (pre-contract) stage, the negotiation (pre-execution) stage, and again during performance, with contract amendments continuing as the project is underway. This three-fold review […]
Contract Language to Help Mitigate Common Construction Risks
Construction is an industry that comes with various risks, not just to workers, but also owners and contractors. From delays to an evolving scope of work, material prices, and safety hazards, contractors face many challenges. However, by including contract clauses and specific language that addresses these risks and outlining how they will be handled, it’s […]
The Future of Pay-if-Paid Clauses in Construction Contracts
Payment provisions are one of the stickiest areas in construction disputes. Many states have developed laws addressing project payment timeliness, including prompt payment and retainage regulations. However, pay-if-paid clauses condition a subcontractor’s claim to compensation on the general contractor’s obtaining money from the owner. Pay-if-paid construction contract clauses are losing favor, and the most recent […]
The Six Most Common Construction Contracts
Construction contracts set expectations and requirements to protect everyone involved and can be structured to meet the specific needs of a project, since details vary so greatly. There are several types of common construction contracts that contractors should be prepared to interact with on a consistent basis. With so many contracts to keep track of, […]
