Contract review has been a dreadful task for long – creating checklists, matching with client needs and looking at previous redlines. Legal technology is here to change it. Automated contract review has many benefits but only if you know how to set the right tone for the contract software to do the work. Powering the next steps in a contract cycle can only be achieved when the initial part of the cycle – the legal playbook – is done to a T. We recently discussed the 5 benefits of a digital playbook builder.
Contract review and negotiation is the most important step in the contract lifecycle. As a legal professional, you need to ensure that all terms in a contract are fair, enforceable, and to the point. Automated contract review has many benefits but only if you know how to set the right tone for the technology to do the work. Powering the next steps in a contract cycle can only be achieved when the initial part of the cycle – the legal playbook – is done to a T. We recently discussed the 5 benefits of a digital playbook builder.
Automated contract review powered by a digital playbook can mitigate risk and ensure compliance by automatically incorporating industry and playbook standards during the contract redlining process.
Contract Software is Changing. Are you Keeping up?
1) Don’t Just Automate, Automate the way you want it
Legal technology, especially contract analysis software, is confronted with a slew of implementation issues. From a lack of processes and project leadership to a lack of trust, the list goes on. Contract technology takes forever to implement, but our new playbook builder speeds up the process.
The legal profession is slowly accepting automation, but if automation involves a lengthy implementation process, it won’t last long. Simply putting in place a solution will not fix your issue. Implementing legal tech solutions require your efforts as well as ensuring a platform that solves business-specific issues.
BlackBoiler allows you to build playbooks directly on the platform, giving you the freedom to automate your processes however you see fit. Teach AI to review contracts according to your playbook, and it will not let you down. We know that you understand your business best and we’re here to support you – with tools designed for your business needs.
2) You Don’t Need Example Documents
For many firms and businesses, reusing previous contracts or documents could be a concern. Typically, not all organizations correctly save all versions of their contracts and it can be a hassle to collect historically redlined contracts to teach AI how you have reviewed contracts in the past. In order to implement contract review AI efficiently, historical redlined contracts need to be readily available.
For obvious reasons, some organizations do not have easy access to prior contracts, while others do not wish to divulge critical contract data. BlackBoiler’s new playbook builder doesn’t require example documents and lets you create playbooks from scratch. If you’re developing new ways of contracting and establishing new standards, building a playbook from scratch could be a good idea.
3) Sensitive Contract Data not Stored
We understand how important your contract data is to you. Contracts often contain sensitive data and personally identifiable information that organizations and businesses do not want to disclose. The new playbook builder feature in BlackBoiler allows you to create playbooks afresh without having to rely on secure data from previous contracts. This transforms the way legal technology is implemented at your firm, giving you more control and less risk, and allowing you to not undergo a lengthy security assessment process. BlackBoiler anonymizes data so that no personal information is saved and everything is secure, regardless of whether you uploaded contracts or not.
Build Your Digital Playbook Today!
Fix your contract review loopholes by building digital playbooks that guide you towards better contracts – with more speed. BlackBoiler is the only technology that allows you to easily create playbooks that fuel automated contract reviews within the platform! So, start building your first ever digital playbook with BlackBoiler and accelerate your deals!
