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 enables the automated review and markup of contracts, going beyond the superficial overlaying of preferred language. Instead, BlackBoilers technology makes precise edits to bring contracts in line with clients’ risk tolerances, significantly enhancing efficiency.
After working as a project engineer in construction and as a construction lawyer, Broderick recognized the inefficiencies in manually reviewing and editing contracts. Motivated to automate this process, he connected with his co-founder and CTO, former DARPA engineer Jonathan Herr, and they embarked on a mission to extract contract text and develop advanced review capabilities, and they eventually built BlackBoiler.
Evolution of the Product and Technology
BlackBoiler’s product has been shaped by the company’s innovations in AI and machine learning. Broderick acknowledged the significant advancements in language models, which enable semantic-level understanding of contract language. The enhanced capabilities allow BlackBoiler to offer more precise identification of contract sections that require revision, as well as improved identification of missing provisions and their appropriate placement.
Given the unique nature of construction contracts, where parties often sign counterparty’s documents, BlackBoiler’s ability to efficiently identify and mitigate contractual risks becomes crucial. By providing risk reports, facilitating contract reviews, and offering standardized approaches to risk management, BlackBoiler empowers organizations to protect their margins and make informed decisions.
Workflow and Implementation
Three methods are available to onboard contracts into the software: emailing the documents to BlackBoiler, reviewing Word documents directly, or ingesting PDF agreements and outputting an addendum. BlackBoiler streamlines the review and markup process, helping organizations navigate contract negotiations, identify risks, and ensure compliance with their standards.
BlackBoiler’s software has emerged as a game-changer in contract review and markup. By automating the process and leveraging advanced AI capabilities, it provides unmatched efficiency, precision, and risk mitigation. Organizations across various industries are grappling with the challenges of contract management. BlackBoiler is a transformative solution, empowering enterprises to navigate the intricacies of contracts with ease and confidence.
Interested in seeing how BlackBoiler’s contract software can help your organization? Request a demo today.