ARLINGTON, Va.--(BUSINESS WIRE)--BlackBoiler, the AI contract review software that streamlines deal negotiations by instantaneously reviewing and redlining contracts, has announced the release of its ContextAI feature, which enhances its markup functionality by providing the reasoning behind every redline. Powered by an enterprise’s contract playbook, BlackBoiler’s automated markup spots issues and inconsistencies, creates redlines and now, with ContextAI, identifies the rule that prompted the change, explains why the change was made, and shows users multiple examples of how others in their organization have edited the same or similar language.
ContextAI helps attorneys and negotiators gain unprecedented insight into why a change has been suggested, allowing enterprises to seamlessly onboard users tasked with reviewing and negotiating contracts according to a playbook. BlackBoiler ensures consistency across contract negotiations and provides users with the ability to oversee markups aggregated over time so repetitive work can be streamlined.
“We know that AI can help organizations make exponential strides in the speed of their contracting and deal cycles and the effectiveness of their risk mitigation. One of the big challenges with getting people to adopt these advanced technologies, though, is trust. Users want to know what’s inside the black box,” said Dan Broderick, co-founder and CEO of BlackBoiler. “This is a major step forward that will allow lawyers and negotiators to understand why the AI has made the changes it has and enable them to have confidence in how this technology is powering their deals.”
BlackBoiler’s unique approach to redlining drives deals toward approval faster. Rather than merely replacing clauses wholesale with approved or recommended language, BlackBoiler’s enhanced markup gets teams closer to signature by making the minimum changes required to bring clauses in line with an organization’s contract standards.
Companies across industries spend valuable time and resources reviewing and negotiating contracts. BlackBoiler’s artificial intelligence and machine learning technology meets organizations where they are, instantaneously reviewing and redlining contracts right in Microsoft Word “Track Changes.” BlackBoiler’s contract markup software automatically negotiates key contracting issues, reducing the pain points of time-consuming and inefficient contract review and negotiation, minimizing contract risk, and improving contract compliance. Most importantly, it becomes smarter and more efficient with every use, resulting in up to a 70% reduction in contract review time.
BlackBoiler’s client roster includes AmLaw 25 law firms and organizations within the Fortune 1000, including several customers in the construction industry. The company holds 11 patents in the U.S. and is currently pursuing additional IP protection in the U.S., Canada, and Europe.
To learn more about BlackBoiler or to schedule a demo, visit https://www.blackboiler.com/contract-software/.
Based in Arlington, Virginia, BlackBoiler is a National Science Foundation-backed software company focused on the automation of contract review. The company’s patented automated contract markup tool is designed to work seamlessly with programs users already know how to use: Word and email. Through proprietary techniques, BlackBoiler creates client-specific editing models and leverages these models to markup inbound contracts instantaneously in the Track Changes feature of Microsoft Word. BlackBoiler grows smarter and increases the efficiency of contract review with each additional use.