Case Study: Contract Management
Contract Review and Drafting
One client is a leading property and asset management company in the US and executes many construction agreements to manage numerous construction projects on multifamily properties/complexes located in different regions of the US.
The client must review multiple construction specifications in scoping documents, and vendor proposals from different sources to draft a construction contract. This is both resource and cost intensive. The client’s legal department is not able to keep pace with the increasing number of agreements.
Our legal team was introduced to the client. The team collaborated with the client to understand its business and contract requirements and various property management tools. The team then created a workflow to memorialize the process.
SOP was created to document the requirements of payment terms, construction schedule, retainage and deposits clauses, indemnification clauses, insurance coverage, etc.
A team of attorneys was then trained to review various documents, gather information from varied sources and draft contracts to assist the client in its business.
Planned communication ensures that the team is calibrated and updated with any changes in client business and under its supervision, can draft and deliver hundreds of contacts each week.
The Full Story
Our client is a leading property management company in the US and enters into a wide variety of contracts with multiple vendors to manage, maintain and remodel their multifamily properties and complexes in different regions of the US.
To draft these construction contracts, the attorneys are required to review a variety of documents viz contract request forms, construction and scoping documents, vendor’s proposal, specifications, etc. This is both resource and cost-intensive and the client’s legal department was not able to keep pace with the increasing number of agreements.
LDM Global team was introduced to the Client. The team collaborated with the client to understand its business and contract requirements and various property management tools to manage the information.
The team then created a workflow to memorialize the process and drafted an SOP to document the client requirements of a contract viz payment terms, construction schedule, retainage and deposit clauses, indemnification clauses, insurance coverage, etc to review and draft the construction contracts.
Planned and regular communication with the client and multiple levels of Quality Control (QC) ensures that our deliverables meet the client’s expectations. Our highly secure data privacy standards, including ISO 27001 certifications, provide information security assurance to the client.
Our solution-oriented and cost-effective approach supports our client in:
- Reviewing and drafting the construction contracts.
- Improving turnaround time to complete the legal review.
- Substantial cost savings.