Frequently Asked Questions
BlackBoiler’s automated AI Contract Review Software is the cutting-edge technology that uses powerful artificial intelligence and machine learning capabilities that are designed to instantaneously review and markup new documents in the “Track Changes" feature of the application, according to your playbook and standards.
The Blackboiler software goes beyond the simple deletion and replacement of clauses, wholesale revision of clauses, and the comparison to contract standards as seen in other Contract applications. Unlike all other contract review software, BlackBoiler’s patented automated AI Contract Review Software is entirely powered by artificial intelligence and machine learning technologies. There is no human in the loop.
BlackBoiler is the first and only patented product that fully implements a contract automation and markup process. BlackBoiler has been granted ten USPTO allowances, one patent allowance in Canada, and has additional patent applications pending worldwide.
A unique feature of BlackBoiler is that it allows users to build negotiation playbooks directly within the tool, which are then used to power automated contract reviews, enabling a quick implementation process.
BlackBoiler is contract type agnostic. We currently have customers using BlackBoiler for M&A contracts, NDAs, service agreements, MSAs, construction agreements, real estate leases, vendor agreements, clinical trial agreements, and more.
BlackBoiler can integrate with any tool that can operate via email. The software's endpoints and APIs simply require the ability to transfer a Word document back and forth.
Two types of integrations can be done with BlackBoiler:
1– A light integration via email in which any system that can send and receive Word documents can integrate with BlackBoiler as an automated user.
2– A deeper integration against BlackBoiler’s OpenAPI compatible REST endpoints.
BlackBoiler was built with the end-users in mind. Rather than forcing users to learn new tools or procedures, BlackBoiler works seamlessly with programs users already know how to use: Word and email — allowing users to use BlackBoiler’s powerful machine learning and artificial intelligence with little to no learning curve.
BlackBoiler is the first contract review software built with the full spectrum of end-users in mind. Understanding that many legal professionals are still not comfortable with AI, BlackBoiler provides users with a range of options to reflect their personal comfort level with advanced technology and with the intricacies of contract law.
BlackBoiler can save as much as 70% of human review time spent on analyzing contracts.
When attorneys eliminate the need to spend hours scrutinizing every contract clause and engaging in numerous rounds of emails with the opposite party, they are freed to concentrate on matters that can provide more strategic value.
BlackBoiler allows attorneys to spend more time working with business people on the contract’s substance, rather than the nuts and bolts. Attorneys can also focus more on their timeline on negotiations since they will spend less time bogged down in the review.
A Global 1000 corporation using BlackBoiler’s AI Contract Review Software reduced its contract review time from 45 minutes to 14 minutes within six months, resulting in a 68.9% time-saving. This translates to significant savings to the bottom line.
Not only does BlackBoiler provide significant savings to the bottom line, it also improves the quality of output dramatically because it ensures consistency in contract language while also reducing risk.
On top of that, the tools grow smarter and increase efficiency with every use.
The implementation process begins with a data transfer period where you send BlackBoiler your historically marked-up contracts or tell us your company’s standard contract terms and clauses. A bespoke editing model is created using our powerful patented AI and machine learning technology.
BlackBoiler’s team will then check for inconsistencies in the data and invite your team to do the same. Once the editing model is finalized, one-hour training is conducted on how to use the tool before going live.
BlackBoiler can be implemented quickly using its playbook builder feature. Users can build their own contract negotiation playbooks within the platform which powers BlackBoiler’s proprietary automated contract markup technology, so that users can quickly redline previously unseen contracts in minutes.
The clean and simple user interface guides users through the Playbook setup process in easy steps, with lots of helpful examples. Users of all levels will feel comfortable and confident, with no need for technical or coding know-how.
BlackBoiler’s Playbook Builder allows users to build their own playbooks in four ways:
1- Upload Contracts: users will be able to simply drag and drop examples of previously negotiated contracts into the user interface.
2- Answer Questions: users will be able to complete a simple Q&A on common categories of legal clauses you frequently edit.
3- Custom Build: users can add rules that will enforce specific edits to all documents of a given type.
4- Import Rules: users can apply rules they have previously set up for a similar contract, or from BlackBoiler’s pre-populated library of over 200 commonly used rules.
The following are more Blackboiler FAQs as indexed by Google. The questions and answers were determined by Google, based on the historical data about the AI-powered Contract Management Software by Blackboiler. These Blackboiler FAQs are taken from articles, news, media, posts or other qualified sources in the Internet throughout the years.
The actual FAQs data are publicly accessible by using a Google Chrome browser then searching for the keyword ‘blackboiler’ and the search results, underneath the Blackboiler Business Profile are the same Google provided FAQs that are shown here.
Where is Blackboiler located? Blackboiler's headquarters is located in Arlington, Virginia. What is Blackboiler's phone number? Blackboiler's phone number is (202) 570-6316 What is Blackboiler's official website? https://www.blackboiler.com/
BlackBoiler's patented Automated Contract Markup technology was built by a world-class team of lawyers, researchers, and software engineers that are transforming the contract review process through a 100% AI-powered tool that instantaneously redlines contracts in “Track Changes.”
How does AI contract review and analysis work? AI contract review and analysis software uses natural language processing (NLP) and machine learning (ML) to analyze contracts. NLP is the branch of AI that deals with human language, and ML is the branch of AI that learns from data and improves over time.
A contract price is a total amount that is agreed upon by two parties where the project owner or client, known as the principal, pays the contractor when they complete the terms of the contract. This is according to the terms and conditions of the contract and any other modifications.
There are multiple benefits to using smart contracts. For one, it can automate processes that previously had to be done manually, specifically when a condition is met, and a next part of the contract is executed. In addition, they can eliminate the go-betweens in many scenarios and potentially cut significant costs. May 10, 2022
Markup pricing is a pricing method where a fixed percentage, known as the markup, is added to the cost of a product to determine its selling price. The markup covers the overheads and contributes to the profit of the business.
Smart contracts are not legal agreements, but rather means of performing obligations deriving from agreements that can be executed automatically by a computer program or a transaction protocol, such as technological means for the automation of payment obligations or obligations consisting in the transfer of tokens or ...
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.
Markup percentage is calculated by dividing the gross profit of a unit (its sales price minus its cost to make or purchase for resale) by the cost of that unit. If an item is priced at $12 but costs the company $8 to make, the markup percentage is 50%, calculated as (12 – 8) / 8. Jun 1, 2022
Smart contracts are executed on blockchain, which means that the terms are stored in a distributed database and cannot be changed. Transactions are also processed on the blockchain, which automates payments and counterparties.
To calculate TCV, multiply the monthly recurring revenue (MRR) with the length of the contract terms, then add any other one-time fees included in the contract. Total Contract Value = Monthly Recurring Revenue (MRR) x Contract Term Length + Any One-time Fees.
The aggregate total value locked (TVL) in the crypto market measures the amount of funds deposited in smart contracts and this figure declined from $160 billion in mid-April to the current $70 billion, which is the lowest level since March 2021. Aug 9, 2022
A smart contract is a self-executing program based on if-then logic. For example, vending machines are a ubiquitous presence in everyday life. It's also a simple model of a smart contract: If someone inserts $2 and then presses B4, then the machine dispenses the package of cookies held in the B4 slot. Sep 12, 2022
They simplify business and commerce between anonymous, identified parties, usually without the need for an intermediary. They also reduce the formality and costs associated with traditional methods while preserving credibility, security, and authenticity. Jan 5, 2023
In terms of blockchain security, smart contracts are used to create a tamper-proof system for executing transactions. They operate on a decentralized network, meaning that they are not controlled by any single entity, and their code is publicly visible and immutable.
Smart contracts are programs executed by blockchain nodes independently, in order to record the last program state. May 10, 2021
For example, a smart contract to transfer ownership of an apartment once a certain amount of resources have been transferred to the seller's account(or wallet). Vehicle ownership: A smart contract can be deployed in a blockchain that keeps track of vehicle maintenance and ownership. Sep 30, 2022
Smart Contracts cannot function without Blockchain
When preset circumstances are satisfied and validated, a network of computers conducts the operations When the transaction is complete, the blockchain is updated.
You have calculated 30% of the cost. When the cost is $5.00 you add 0.30 × $5.00 = $1.50 to obtain a selling price of $5.00 + $1.50 = $6.50. This is what I would call a markup of 30%. 0.70 × (selling price) = $5.00.
(Profit is the difference between the revenue and the cost.) For example, when you buy something for $80 and sell it for $100, your profit is $20. The ratio of profit ($20) to cost ($80) is 25%, so 25% is the markup.
To calculate a 20% markup, take your cost of goods sold, and multiply it by 0.2 to get the markup. For example, if you pay the supplier $15 for a product and you want to add a 20% markup, your markup amount is $15 * 0.2 = $3. Your final sales price would be the cost of goods sold plus the markup, or $15 + $3 = $18.
To arrive at a 20% margin, the markup percentage is 25.0% To arrive at a 30% margin, the markup percentage is 42.9% Jul 8, 2023
But while a smart contract can be a legally binding agreement, it isn't necessarily always legally binding. A smart contract still has to meet all the legal requirements of a contract, such as intent to form a contract. And these legal requirements might also vary by jurisdiction.
Base Contract Price means the Consultant's base contract price for Services as specified in the original contract scope of Services developed from the Request for Proposal and the Consultant's written proposal or revised proposal.
What is Average Contract Value? Average Contract Value (ACV), sometimes written as Annual Contract Value, is a tech marketing metric that measures the average value of customer contracts by averaging and normalizing them over a one-year period.
The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.
Cost plus percentage of cost is a method contractors often use to price services. This type of contract specifies that the buyer must pay all the project costs incurred by the seller, plus an additional amount for profit.
Final Contract Price means a mutually agreed upon total amount that a department pays to a vendor on completion of the contract, in accordance with contract terms and conditions and their subsequent modifications, for goods, services, or both.
Give a reason for saying no
It's important to let customers know that you won't be reducing the level of service you can offer, which is what you would have to do if you allowed them a discount. Make sure you don't simply avoid the question or customers will think that you are being evasive. Nov 11, 2022
Smart contract code is public and visible, and it is critical that the private keys stored in the smart contract are encrypted. Regardless of the wallet type, if the private keys become compromised, your wallet funds are at risk. Feb 13, 2023
A party found to be in breach of the contract would be liable under the contract for any failures or defective performance. The fact that a breach has arisen as a result of the computer code, rather than the actions of a natural person, will not absolve a party of liability for breach. May 9, 2022
On blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman. A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility.
Key takeaways. Smart contracts allow 2 parties to create binding contracts without a third party. Supporters believe this technology may revolutionize many industries, including legal, real estate, and financial services.
A standard definition of retention money is a percentage of money that an employer or an individual holds as protection from incomplete or inaccurate work done by the hired contractor. A retention includes two levels: The hiring individual holds the money until the contract is fulfilled, and he or she is satisfied.
A lump sum contract is an agreement that sets a predetermined cost for construction work. In other words, the contractor performing the work agrees to complete the project for a fixed amount — no more or less. May 25, 2023
A “percentage fee” refers to a percentage of the project's construction cost. For example, an architect may charge a 10% fee for a project that bids at $1M construction cost, meaning the building owner would pay $100,000 for basic services. Nov 4, 2021
(i) A description of the services the lawyer agrees to perform; (ii) The amount to be paid to the lawyer and the timing of payment for the services to be performed; (iii) If any portion of the flat fee is to be earned by the lawyer before conclusion of the representation, the amount to be earned upon the completion of ...
A target cost contract is an agreement between the contractor and a client wherein they negotiate a target cost based before signing the contract on an estimate of the expenses which will be incurred for the project. Jun 9, 2021
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