Data Abstraction
Get data insights
Our primary service provides extraction of data from your contracts and other legal documents. Using our semantic intelligence software engine to do the bulk of the heavy lifting, we follow it up with multiple levels of quality control by our team of lawyers wrapped up in a Six Sigma process to deliver highly accurate results. The metadata elements, terms and conditions, legal provisions, and even all obligations are extracted from contracts using our software engine. The software is highly customizable and can be configured to extract virtually ANYTHING from documents. These metadata elements are referred to as “attributes”. We can extract not only the standard attributes such as party names, term, termination, jurisdiction, etc. but can also configure our software engine to extract your business-specific information. For example, for a client, we extracted their specific information such as their product names, service offerings, etc., and matched it to a predefined list provided by them. Part of this service includes the conversion of image-based documents (whether .TIFs, JPGs, BMPs, or PDFs – image or text-based), into machine-readable text so that they can be pushed into our software engine for extraction.
After multiple levels of quality control by our team of lawyers, we deliver this in a CSV/XLS format that can be easily imported into any database program. Typically, the clients upload this extracted data (attributes) along with the contractual documents into a Contract Lifecycle Management (CLM) System so that they can track these attributes, report and query on them, and set up triggers as necessary.
Contract Summarization
Highlighting the crucial risks
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 Tracking
Mitigate contractual obligations
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.
Contract Risk Scoring
Get your contract risk scorecard
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.
Consultation guidance, and customization
Expert advice to improve contract management
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.
Cataloguing/Sorting
Optical Character Recognition (OCR) is also a part of the service.
Review/Proof
File Cleanup
Blogs
Related resources
CEO Blog 9: How do I extract contract obligations? And what do I do with the information?
Read More
CEO Blog 1: What is legacy contract migration?
Read More
What is a legacy contract and approach to manage
Read More
Transforming contract management process with NLP
Read More