Contract Management and Extraction for large global ICT company

Contract Abstraction Services facilitate accurate decision-making, enabling the client to focus on higher-value tasks.

Challenge

Our Client was a Global ICT Company with a presence in the US and EMEA and is in the business of cloud services which requires executing, storing, managing, and reviewing multiple contracts. The client needed to identify key information within thousands of contracts while managing their limited in-house resources and project costs.

Solution

LDM Global’s expert Legal Services team assisted the client in migrating legacy contractual documents with extracted meta-data into a Contract Lifecycle Management (CLM) system. Further, the contract’s database was structured allowing improved tracking and reporting resulting in substantial cost savings for the client as compared to an in-house or US-based resource solution.

The Full Story

Our client is in the business of cloud services which requires executing, storing, managing, and review of multiple contracts. They were faced with a predicament of identifying key information within thousands of contracts to run the business and this was proving to be a resource and cost-intensive exercise.

Our Legal Services team assisted the client in migrating legacy contracts into the database system. The client was introduced to our team of lawyers, who are proficient at extracting key information from clauses of agreements. The team created a playbook to extract key clauses concerning payment terms, renewal dates, termination dates, parties, and other similar fields. Our experienced eyes performed multiple levels of quality control (QC) checks to deliver the required accurate results.

Daily reports and ongoing communication ensured that the client was always informed and confident in the quality of our deliverables. Our highly secure data privacy standards, including ISO 27001 certifications, provided assurances for the client concerning information security.

Our solutions-oriented approach supported our global client with consistent, timely, and accurate decision-making information, while the model executed was scalable and resulted in significant cost savings.