In a fast-moving business environment, at times it is very difficult and time-consuming reviewing your contracts for a quick reference. A summary of all your contracts comes really handy and can help you in understanding various elements of your contracts. Brightleaf’s AI-based semantic engine uses natural language syntax to abstract and creates a contract summary which is then reviewed and wherever necessary rephrased by our legal experts.

We help our clients in providing a summarization of a large volume of contracts, thereby assisting them in making informed decisions, saving their time and resources besides increasing the internal productivity of the company and ensuring legal compliance across the contract lifecycle.

Obligation management is not a new terminology for contract managers and their publics, in fact it is one of the most important aspect of contract management, not at the time of execution but throughout the contract lifecycle. A thorough understanding of these obligations can help companies manage their clients and vendors and associated risks effectively. “Obligation tracking” starts with extraction and categorization of the obligations for each party. These are normally “sprinkled” throughout the contract. They can be categorized into triggered, time-bound and other parameters. Once extracted and categorized, the client has the ability to manage them effectively, typically in a CLM system which can house and report on this extracted data.

Brightleaf offers customized obligation tracking service to help and meet focused needs of its clients. With the support of our automation engine and a team of experts, Brightleaf reviews, categorize and interpret the obligations and rights stated in the contracts to assist its clients, meet their business and regulatory goals more proficiently.

Poor management of contracts and deviations from industry as well as company norms can substantially increase the risk exposure of the company and could cause immense damages. Therefore it is crucial for companies to identify the accompanying risks for better decision making and administration of their business.

Contract risk scoring is a systematic approach of evaluating the risk associated with a contract, boiled down to each clause/section in the contract and each of the sub-points within that clause. For example, if the company norm is to have a Professional Liability insurance limit of $2,000,000, but the contract that was executed had only a requirement of $1,000,000, this risk needs to be identified and “scored” in the risk profile of the contract.

Brightleaf understands the importance of various contractual risks and their effect on your business. As different businesses are exposed to different risks, we spend time with our clients to understand their specific risks profiles and define the standard risks assessment scale, customized to each client, against which all their contracts are assessed and scored for the final contract risk score matrix.

Often times, our clients do not know what is in their contracts that reside on the many file folders across their network.  Once our clients gather all these files (and if they are paper files, scan them into a computer file), we take over. Segregate the master agreements from their addendums and provide unique nomenclature so that they can be identified as such and preserve the parent-child relationship just by looking at the file name. Here too, our software does most of the work, and our team of lawyers go through multiple levels of quality control to give back highly accurate results.

Optical Character Recognition (OCR) is also a part of the service.

There are times where the extraction has been done by the clients, but the data is not accurate. We can provide a service whereby we can check the data provided by our clients against the original contracts to ensure that this data is clean and accurate. Here too, our software will do most of the work, and we then check the software extracted data against the data provided, and deliver the final highly accurate output to our clients.

Often, the process of scanning of the paper documents into computer based files does not follow best practices. Files are usually scattered within the organization, contained in somebody’s desk drawers, or in the case of one client, in boxes. If the care is not taken while scanning each contract and addendum into separate documents and weed out unnecessary paper files, this needs to be done after the paper scanning process is complete. Brightleaf can provide this service to clean up the files, and follow it up by the Cataloging/Sorting service described above.

Brightleaf has deep experience in building and scaling professional services organizations in four continents. But we’re especially proud of our Client Services Group formed from lawyers, technologists, business process experts, and experienced client services managers across our Boston and India offices. For complex abstraction projects, or for assistance with enterprise systems integration or process planning, Brightleaf’s Client Services Group offers fast, professional, cost-efficient service tailored for you.