Contract Organization and Abstraction

Challenge

Our client owns various digital media platforms and internet brands in gaming, publishing and shopping. Due to a variety of contracts and different signatories, the client was not able to keep a track of the status of its contracts and its obligations under these contracts. The Client approached LDM Global to organize the database repository as per its brands and abstract key information from important clauses from different contracts with its customers.

Solution

Our SME team connected with the client to understand its requirements and familiarize itself with the contracts. The team then authored a playbook with all the necessary details to train its attorneys.

The Contract Management team of LDM Global discovered and organized the contracts as per the signatories and brands of the client. This was followed by a review and abstraction of metadata from key clauses like status, term, termination, non-solicitation, non-compete etc.

The Full Story

Our client owns various digital media platforms and internet brands in gaming, publishing and shopping across the globe and regularly enters into high-volume contracts. Due to a variety of agreements and different signatories on behalf of the client, the client was not able to keep a track of the status of these contracts and its obligations under these contracts.

LDM Global team assisted the client by discovering and organizing the contracts as per the brands and subsidiaries of the client and abstracting key information into the CLM system for easy tracking.

Our Contract Management team started by creating a playbook to address the challenges and requirements of the client. The team then organized the database as per the brands and subsidiaries which executed the contracts on behalf of the client. The team also abstracted metadata from twenty-five key clauses like status, term, termination, non-solicitation, non-compete etc.

This helped the client in maintaining the database on the CLM platform and tracking its obligations under different contracts. Further, the brands and subsidiaries of the client were able to receive notifications of renewals, terminations and other obligations.

Multiple levels of Quality Control (QC) checks were applied to deliver quality data. Our highly secure data privacy standards, including ISO 27001 certifications, provided information security assurances to the client.

Our solution-oriented and cost-effective approach supported our client in:

• Organizing its contracts database.
• Creating an updated repository.
• Tracking its obligations under different contracts.
• Real-time visibility in contract status.
• Allowing the notifications to be sent to the respective parties for termination, renewal etc.