8 Types Construction Contracts You Need to Know
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
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
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 […]
A Simple Guide to Contract Automation
A contract is at the core of most business deals. But despite its significance in transactional workflows, many firms haven’t changed how they review them, primarily following manual approaches. Consequently, reviewers spend more time skimming through and extracting data to design and negotiate contracts of different complexity levels while shielding their clients from risk. Savvy […]
Building a Culture of Continuous Improvement with Legal AI Technology
A great deal has been written about the importance of organizational cultures to both the bottom and the top line. It is received wisdom that those with strong cultures often outperform those with weak or even toxic cultures. As they say, “culture eats strategy for breakfast”. Richard Tromans, the founder of Artificial Lawyer has recently […]
Construction Contract Review 101: Save Money with Construction Contract Software
Quick question: how many people do you know who love signing contracts? Ten? Five? The answer is probably closer to one or zero, and the one is probably a lawyer. Contracts are no fun. Long, winding, repetitive, confusing, and jargon-filled are some of the words people commonly use to complain about contracts. Life experience and […]
Contract Negotiation 101: How To Redline A Contract?
Whether you’re buying a car, commissioning a portrait of your dog, or embarking on a work contract, every negotiation has its own unique concerns and challenges. But there are also some important fundamentals that apply across the board. For example, contract redlining is one of the most commonly used negotiation techniques in business, and it’s […]
How can you use NLP for Contracts?
For a long time, reviewing contracts has been a tedious and frustrating process, requiring lawyers to spend hours making minor changes before you could sign them. With the help of natural language processing (NLP), that’s no longer the case. NLP is a branch of artificial intelligence that enables computers to extract meaning from the human […]
How to implement legal tech: Focus on the biggest pain point
We have highlighted some of the shortcomings with contract lifecycle management (CLM) adoption before on this blog, recommending a more incremental approach to adopting legal technology. It is vital to first address the largest time and resource sink in the CLM process – the contract negotiation phase – before trying to implement CLM across multiple departments […]
