Contract Abstraction A process of “abstracting” key dates, clauses, payment terms options, and other information from a contract into data useable by a Contract Management System. This provides a concise view and saves companies precious time and resources.
Furthermore, through the utilization of contract abstraction services, documents are easier to read for non-lawyers since essential clauses and proposals are brought to the front. Being one of the core business functions, contract management becomes tons more convenient and foreseeable for everyone.
The cycle of a contract doesn’t finish with its execution; there are quite a few aspects that need to be taken care of. It becomes a necessity for various organizations to search out ways for managing and organizing /abstracting the important data contained in it. The information your business needs to make critical decisions resides in executed contracts. As a result, it becomes a power for the concerned party to remain track of each and every term and to get specific information from agreement documents.
When corporations don’t effectively manage their contracts, they’re exposed to unessential prices like contract outpouring, increase in maverick pay, paying extra prices that negatively impact their revenue, and may even injure their relationship with their suppliers. By implementing a Contract management system, organizations are able to streamline their contract management cycle, permitting customers to induce the foremost price out of their contracts while mitigating contractual risk.
We provide an ideal solution combining AI with skilled lawyers to:
- Abstract the key terms and provisions across all your legacy contracts.
- Deliver extracted meta-data output in any format onto your Contract Lifecycle Management (CLM) software.
- Perform multiple levels of quality checks by our team of lawyers to deliver accurate results.
Get the best results with the Brightleaf Automated contract data abstraction system, we are the only company that has its own semantic intelligence, NLP software which does most of the work coupled with our team of seasoned lawyers who do this extraction efficiently and to quality standards that can reach six-sigma.