Artificial intelligence is changing the way contracts are negotiated. Like it has done for many other sectors across the world, AI is revolutionizing contracting by solving one of its biggest problems: the tedious, and costly process of contract review and negotiation.
AI proves useful from the very beginning of the contracting process. In the context of contracts, pre-execution is an umbrella term used to refer to all processes leading up to (and including) contract signing. The process starts from the very instant that a legal team receives a request for drafting a contract. Several technologies have been developed recently that aim to accelerate the process of contract negotiation. Early technologies only allowed for digital storage and retrieval of contracts, newer programs are capable of redlining contracts based on your company’s playbook within minutes, which makes the entire pre-execution process much more efficient and error-free. It also allows lawyers to skip the relatively more clerical/administrative work and focus on higher-value work.
Contract Review Tools: Peer Comparison
So, let’s take a deeper look at the potential benefits that AI-powered pre-execution software has to offer:
Blackboiler is the only patented pre-execution tool available on the market that can automate the contract review and markup process entirely. Our multiple-patented technology integrates seamlessly with your pre-existing software and your existing workflows. Our state-of-the-art features include:
- Automated Contract Markup
BlackBoiler 100% AI-powered technology automates your contract review and markup by automatically redlining all of your company’s inbound contracts according to your playbook and historical contract edits. As a result of the machine learning technology, BlackBoiler becomes more efficient with every use, reviewing contracts up to 70% faster than a human.
Other pre-execution tools address the contract review problem differently, with features such as contract risk assessment, contract extraction and classification, and redlining according to standard template language. While some pre-execution tools claim to be fully automated, there is a human component in the loop. A simple way to determine this is to see whether a contract review takes minutes or hours. When the process is 100% AI-powered, the results are available much more quickly than when humans play a role.
To better understand how pre-execution space is broken down, check out our other blog post and this article.
- Seamless Integration into the Workflow
With BlackBoiler, all you need to do is send an email to your company-specific Blackboiler email address and you will automatically get a redlined version of the in-bound contract within two minutes.
Our easy-to-use technology ensures that there’s zero disruption to your workflow.
Other pre-execution tools offer various degrees of integration into a client’s workflow, however, there is a difference in how contracts are delivered to clients. For example, some tools claim to use automated contract review technology but rather have a human in the loop, while others lack a user interface where users can directly interact with a contract that has been reviewed by AI.
- Comprehensive contract review data
Blackboiler’s efficiency increases with every use. With our comprehensive data dashboard, you can keep close track of the efficiency gains in both individual and collaborative contract review scenarios. With Blackboiler’s transparent state-of-the-art solution, you’re sure to see a significant ROI.
Doc Juris: Efficiency analytics are captured simultaneously. The system, however, does not get more efficient with each use. The analytics data too can be difficult to read and comprehend.
LawGeex: No analytics panel for tracking software performance.
Lexcheck: Does not offer a special analytics panel that can track the performance of the software.
Thought River: Employs an efficient NLP-based process for contract review, but the results cannot be tracked through a special analytics panel. In addition, the platform does not get more efficient at redlining contracts with repeated use.
Blackboiler’s complete automation of the pre-execution process makes it much more efficient and easier to use than any other product available on the market. Our state-of-the-art platform employs AI/ML algorithms to automate, streamline and error-check every step of the pre-execution process, including:
- Contract Creation
You can generate contracts assembled automatically using any criteria associated with the contract, such as region, products, services, or price terms.
- Automated Contract Redlining
Our AI-powered contract markup tool can instantaneously review and redline contracts, according to your company’s playbook, just like an attorney.
- Contract Routing and Signature
With BlackBoiler, you can uncover risks and issues in your contracts and triage them using the custom contract routing feature that is woven into the existing workflow and CLM toolset. Our DocuSign integration allows you to get to contract signature quickly, with ease.
Become a Part of the AI Contract Revolution Today
So, are you convinced yet? AI-powered tools (especially the ones backed by complex NLP capabilities) are changing the contract review landscape. Different digital tools can be used to achieve different levels of automation and hence, efficiency in the contract pre-execution process. Blackboiler employs fully automated AI-powered contract markup, a technique that automates the entire process and offers the best results and maximum efficiency. The performance of our software can be closely monitored and analyzed with the help of our detailed data dashboard. This makes it easier to track the returns you get on our platform. With Blackboiler, you get the best automated pre-execution tool right at your fingertips.