Case Study: Contract Management
Contract Abstraction and Database Management for complex Agreements
Our client is in the business of Property Management in the US and regularly enters and maintains a significant number of contracts, certain provisions of which must be monitored and tracked to facilitate business operations.
The Client required identification and abstraction of more than 100 metadata fields from various Property Management Agreements into the Contract Lifecycle Management (CLM) tool along with managing the database.
Our SME team was introduced to the client. A sample of a few documents was executed at no cost obligation. We created a playbook as per the client’s feedback received on the sample work. We used the samples and the playbook to train our team to provide tailored services to the client.
Our Contract Management team assist the Client by abstracting more than 100 fields into the CLM system to track and report amongst others the status, commercials, and data of Active properties along with maintaining the database.
The Full Story
Our Client is in the business of Property Management and regularly enters into and maintains a significant number of contracts, certain provisions of which must be monitored and tracked to facilitate business operations.
The main challenges were to discover and organize all the legacy contracts in the CLM tool, review and abstract more than100 fields from lengthy and complicated contracts and finally maintain the database to facilitate business decisions.
Our team which is proficient at abstracting key information from clauses of agreements was introduced to the Client. The team created a playbook for the abstraction of the required metadata such as Term, Termination, Insurance, Budget, Indemnification, Fees, Liability, Assignment and many others.
The team then migrated the legacy contracts in the CLM tool, created records for various properties in the tool, abstracted the required meta-data fields and uploaded the fully executed Agreements in the CLM tool.
Multiple levels of Quality Control (QC) checks were applied to deliver accurate data. Our highly secure data privacy standards, including ISO 27001 certifications, provided data security assurances for the client.
Our solution-oriented and cost-effective approach supported our Client with
- An updated contract repository
- Real-time visibility in contract status
- Elevated contract management from simple document storage to a strategic function