Contract abstraction is a process that is typically too time-consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face projects costing hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time.
Through automated contract abstraction, organizations are overcoming these challenges and accessing essential information from contracts quickly and affordably, and seamlessly integrating this information into their contract management systems and databases.
You can use automated contract data abstraction for:
- Contract Administration – Keep your existing contract management system up-to-date. Abstract any number of provisions quickly and accurately and bring them into your existing management tool(s).
- Conflict Check – Rapidly conduct conflict checks on new contracts, ensuring compliance and completing deals faster.
- Business Intelligence – Gain access to all contract data, giving GCs and senior managers strategic insights into overall legal obligations, risks, and opportunities.
Put Brightleaf automated contract abstraction to work for you –
Brightleaf Solutions, a Boston‐based company, has solved the problems of contract abstraction through its automated abstraction service and skilled professionals. Corporate legal, contract, and procurement departments use the Brightleaf Solutions service to:
- Abstract essential information from their contracts accurately, quickly, and affordably
- Upload abstracted data easily into their contract management systems
- Drastically cut the time and costs to perform abstractions