Saturday, September 21, 2013

The Reasons behind Increasing Need for Contract Abstraction Services

In most legal firms, Contract Management is still being managed by the in-house attorneys. Being a time consuming task it requires the attorneys to compromise with concentrating on other core activities. With the rising numbers of Legal Process Outsourcing (LPO) companies, delegating contract management to an offshore professional has become easy and cheap. Contract abstraction services include abstraction, analyzing, categorizing, drafting, editing and reviewing of the documents and contracts. 

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Contract Abstraction Services
 Who needs contract abstraction services? 

Legal firms, real estate companies, consultancy firms and multinational companies have piles of paperwork, documents and contracts stored in office cabinets. Unlike electronic storage, physically storing papers requires a lot of space, extracting information from heaps of files takes a lot of time and efforts and the worst case scenario can be loss of important documents. Physical storage does not guarantee that key dates and payments are being met on time, which you can keep track of with the help of technology. 

Companies need easy and frequent access to key terms and clauses mentioned in the contract and specially the cases of merger and acquisition require larger lease abstraction. Outsourcing contract abstraction helps companies with critical planning, implementing and controlling the overall contract which is essential to the success of the contract and the contractor’s performance. Outsourcing service providers are expert at executing lease and contract abstraction to extract key clauses with respect to payment terms, renewal or termination date and other similar details.  

Why avail contract abstraction services?

Contract abstraction services can be tailored to meet the specific and unique requirements of companies. The abstracts vary with respect to their particulars and size and primarily state the brief outline of a lease along with its chief details. Abstracting services provides the bottom line information which is explored by professionals after careful consideration and integration of the entire document.

Combining the relevant information simplifies the work of the parties of the contract without putting in additional efforts in reading the pages of the contract every time some detail needs to be referred to or amended.  Abstraction also helps in the management of the contracts and agreements by providing the client with key information and details to help them make quicker and timely decisions. 

Sometimes, the contracts can run into hundreds of pages and pulling out some specific information may cost a lot of time. Thus, by availing contract abstraction facilities the specifics of a contract like the clauses, dates and the pertinent information regarding the parties can be gathered and stored efficiently.

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