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 […]
CLM Adoption: Optimism vs. Reality
We’ve previously written about the challenges of contract lifecycle management (CLM) adoption, advocating that legal departments take a more incremental approach to contract management. It’s crucial to first tackle the contract negotiation phase, the biggest time and resource sink in the CLM process, before attempting to implement CLM across multiple departments and stakeholders. However, the […]
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. […]
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 […]
How to Get More Attorneys to Adopt AI
Despite all the hype over ChatGPT and generative AI, the fact remains that lawyers largely have not adopted these tools into their typical workflows. Getting attorneys to adopt AI is more than a change management initiative; to increase adoption, AI must be explainable and contextualized for lawyers to become comfortable with the tech. Research released last […]
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 […]
Using a Contract Playbook to Increase the Speed of Business
Typically, the buildout of a contract playbook requires many hours of work from a number of professionals within an organization. A playbook helps to frame a company’s contract negotiation tactics and procedures. This process typically involves stakeholders from across the company. Playbooks are used by myriad professionals – from lawyers and paralegals to contract managers, HR, procurement, […]
Construction Contract Blind Spots to Avoid in Negotiations
Contracts are the starting point of every successful construction project and can have a profound impact on the bottom line, making it important to avoid any construction contract blind spots. However, many subcontractors don’t review their contracts as thoroughly as they should for any number of reasons. They’ve been working with the client for a […]
