REQUEST DEMO

What is Contract Review Software?

Contract review software

Traditionally, lawyers spend countless hours reviewing hundreds of contracts every year. The contract review process has long been mired with inefficiencies and cycle times that can seriously impact team output and slow down the speed of business. Contract review software fills a critical gap in improving the efficiencies of corporate legal teams, transforming this time-consuming, manual task.

What is Contract Review Software?

Contract review software automatically reviews and marks up legal contracts according to a company’s playbook. Since the software harnesses the power of artificial intelligence and machine learning, it can recognize inconsistencies and patterns, providing insights to contract teams who can action them more quickly.

Some of the benefits of contract review software include:

  • Efficiency: By automating the process of reviewing contracts, lawyers are free to spend their time on higher-value and more critical tasks. Contract review software can also bypass the potential for human error resulting from inexperienced or overworked professionals.
  • Quicker review cycles: Since contract review software like BlackBoiler is trained to redline contracts just like a human, it can speed up review cycles and result in deals being closed more quickly. Traditionally, lawyers have spent longer deliberating over every point within a contract, which can slow down cycle times.
  • Organization: Any legal professional knows that organization is both an important and difficult-to-balance aspect of any attorney’s office. Contract review software not only creates actionable insights but can categorize contracts and calculate risk.

Which Contract Review Software is Best?

There are numerous contract review solutions on the market, but it’s important to note that there are distinctions to be made. Broadly speaking, there are four distinct types of contract review software, including:

  1. Human-in-the-loop
  2. Clause extraction
  3. Contract Analysis
  4. Redlining

Each of these types of contract review software has its specific purposes, and each has advantages and disadvantages.

Human-in-the-loop Software

As the name suggests, this kind of technology integrates software with human interaction. Attorney’s will still retain input into the process at a certain stage, allowing for greater insight and analysis, while still delivering process efficiencies. Equally, though, it means that lawyers have to dedicate time to the process of reviewing contracts as opposed to having a fully automated solution from end to end.

Clause Extraction Software

Clause extraction contract review software is capable of analyzing a contract and extracting key clauses. This information can then be automatically categorized for review by attorneys, who need to focus on the most critical information and common mistakes. However, the functionality doesn’t go far beyond that. This kind of contract review software cannot make edit suggestions, nor change anything else.

Contract Analysis Software

Contract analysis software uses machine learning to help companies analyze contracts more efficiently and effectively. This software utilizes machine learning algorithms, which aid the authoring of contracts as well as their outcomes. These algorithms take apart documents, checking each area of the entire contract lifecycle against other approved templates for contract language to show the user how terms and conditions differ.

Redlining Software

Redlining software is a type of technology that directly edit contracts and other documents, providing a side-by-side comparison of an original and an edited version. It’s capable of spotting human error and improving contracts in general, though its capabilities can depend largely on the quality of the solution; some are more advanced than others.

BlackBoiler: The Best Contract Review Software Powered by AI

BlackBoiler is the only patented contract software, powered by AI, to immediately analyze and amend contracts in “Track Changes,” exactly as an attorney would. The software’s proprietary learning and language processing model means that the review software. continuously learns from its own inherent feedback loop.

  1. Review: BlackBoiler can review your contracts, highlight errors, and recommend amendments in line with a contract negotiation playbook provided by you.
  • Build: Within BlackBoiler, your legal department can dictate its own legal playbook. This underpins the software’s review process, as BlackBoiler will learn from your own playbook in order to instantly review inbound contracts and amend them directly into “Track Changes.”
  • Secure: BlackBoiler has both on-prem and cloud-based secure storage.

BlackBoiler is a fully automated solution, which means there’s no need for human involvement unless you choose to facilitate it. Many competing contract review software packages focuses on basic, routine tasks, like wholesale revision, deletion, and replacement, but BlackBoiler’s unique machine learning engine allows it to work in same way that a human attorney would.

BlackBoiler comes ready to use out-of-the-box, but it’ll improve with every contract that it reviews. Leaning on your company’s defined legal playbook, the AI will learn from each document that it processes, becoming better aligned with your playbook and legal standards each and every time it is used.

Other key product features include:

  • Simple integration into existing processes: Getting a redlined version of any contract is as simple as directing an inbound contract email to your dedicated BlackBoiler email address. The whole process takes just 3 minutes.
  • A detailed data dashboard: An industry leading multidisciplinary team of attorneys, researchers, and software developers contributed to BlackBoiler’s patented Automated Contract Markup algorithm.
  • Your company’s own legal playbook: Your Smart Clause Library can be built from the ground up, using your company’s typical negotiation clauses. These are all categorized by contract domain, ensuring that all contracts are treated with consistency, irrespective of the negotiator.

Is Contract Review Software Worth It?

Contract review software is absolutely worth the investment for any legal department looking to improve efficiency and reduce risk, while also minimizing costs.

Gartner highlights how the most cost-effective legal departments make significant investments in legal technology, particularly in the areas of standardizing legal work and improving work processes. Investing in contract review technology can help you cut down on common errors and drive efficiency. Request a demo of BlackBoiler today.

Share this article to:

Recent Articles

blackboiler
contract technology

Visual Sitemap

We use cookies to personalize content and to ensure you get the best experience on our website. Thank you for visiting BlackBoiler.com.

View more
Cookies settings
Accept
Decline
Privacy & Cookie policy
Privacy & Cookies policy
Cookies list
Cookie name Active

What information do we collect?

We collect information from you when you register on our site or place an order. When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address or mailing address.

What do we use your information for?

Any of the information we collect from you may be used in one of the following ways: To personalize your experience (your information helps us to better respond to your individual needs) To improve our website (we continually strive to improve our website offerings based on the information and feedback we receive from you) To improve customer service (your information helps us to more effectively respond to your customer service requests and support needs) To process transactions Your information, whether public or private, will not be sold, exchanged, transferred, or given to any other company for any reason whatsoever, without your consent, other than for the express purpose of delivering the purchased product or service requested. To administer a contest, promotion, survey or other site feature To send periodic emails The email address you provide for order processing, will only be used to send you information and updates pertaining to your order.

How do we protect your information?

We implement a variety of security measures to maintain the safety of your personal information when you place an order or enter, submit, or access your personal information. We offer the use of a secure server. All supplied sensitive/credit information is transmitted via Secure Socket Layer (SSL) technology and then encrypted into our Payment gateway providers database only to be accessible by those authorized with special access rights to such systems, and are required to?keep the information confidential. After a transaction, your private information (credit cards, social security numbers, financials, etc.) will not be kept on file for more than 60 days.

Do we use cookies?

Yes (Cookies are small files that a site or its service provider transfers to your computers hard drive through your Web browser (if you allow) that enables the sites or service providers systems to recognize your browser and capture and remember certain information We use cookies to help us remember and process the items in your shopping cart, understand and save your preferences for future visits, keep track of advertisements and compile aggregate data about site traffic and site interaction so that we can offer better site experiences and tools in the future. We may contract with third-party service providers to assist us in better understanding our site visitors. These service providers are not permitted to use the information collected on our behalf except to help us conduct and improve our business. If you prefer, you can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies via your browser settings. Like most websites, if you turn your cookies off, some of our services may not function properly. However, you can still place orders by contacting customer service. Google Analytics We use Google Analytics on our sites for anonymous reporting of site usage and for advertising on the site. If you would like to opt-out of Google Analytics monitoring your behaviour on our sites please use this link (https://tools.google.com/dlpage/gaoptout/)

Do we disclose any information to outside parties?

We do not sell, trade, or otherwise transfer to outside parties your personally identifiable information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

Registration

The minimum information we need to register you is your name, email address and a password. We will ask you more questions for different services, including sales promotions. Unless we say otherwise, you have to answer all the registration questions. We may also ask some other, voluntary questions during registration for certain services (for example, professional networks) so we can gain a clearer understanding of who you are. This also allows us to personalise services for you. To assist us in our marketing, in addition to the data that you provide to us if you register, we may also obtain data from trusted third parties to help us understand what you might be interested in. This ‘profiling’ information is produced from a variety of sources, including publicly available data (such as the electoral roll) or from sources such as surveys and polls where you have given your permission for your data to be shared. You can choose not to have such data shared with the Guardian from these sources by logging into your account and changing the settings in the privacy section. After you have registered, and with your permission, we may send you emails we think may interest you. Newsletters may be personalised based on what you have been reading on theguardian.com. At any time you can decide not to receive these emails and will be able to ‘unsubscribe’. Logging in using social networking credentials If you log-in to our sites using a Facebook log-in, you are granting permission to Facebook to share your user details with us. This will include your name, email address, date of birth and location which will then be used to form a Guardian identity. You can also use your picture from Facebook as part of your profile. This will also allow us and Facebook to share your, networks, user ID and any other information you choose to share according to your Facebook account settings. If you remove the Guardian app from your Facebook settings, we will no longer have access to this information. If you log-in to our sites using a Google log-in, you grant permission to Google to share your user details with us. This will include your name, email address, date of birth, sex and location which we will then use to form a Guardian identity. You may use your picture from Google as part of your profile. This also allows us to share your networks, user ID and any other information you choose to share according to your Google account settings. If you remove the Guardian from your Google settings, we will no longer have access to this information. If you log-in to our sites using a twitter log-in, we receive your avatar (the small picture that appears next to your tweets) and twitter username.

Children’s Online Privacy Protection Act Compliance

We are in compliance with the requirements of COPPA (Childrens Online Privacy Protection Act), we do not collect any information from anyone under 13 years of age. Our website, products and services are all directed to people who are at least 13 years old or older.

Updating your personal information

We offer a ‘My details’ page (also known as Dashboard), where you can update your personal information at any time, and change your marketing preferences. You can get to this page from most pages on the site – simply click on the ‘My details’ link at the top of the screen when you are signed in.

Online Privacy Policy Only

This online privacy policy applies only to information collected through our website and not to information collected offline.

Your Consent

By using our site, you consent to our privacy policy.

Changes to our Privacy Policy

If we decide to change our privacy policy, we will post those changes on this page.
Save settings
Cookies settings

BLACKBOILER AI Contract Review Software