Contract abstraction simply means extracting important data points which include clauses, dates, meta-data from your contracts. Abstracting essential information from your contracts will help you manage and identify existing contractual commitments. Additionally, this will enable you to analyze risks, obligations, and opportunities to avoid potential legal disasters.
Organizations need better knowledge and insight into their contracts not just for compliance reasons, for other information needs such as company valuation, M&A, strategic information, etc., to gain competitive advantage. Contract abstraction gives you those insights into your contracts and makes your work exponentially easier, providing numerous benefits for businesses.
Brightleaf sets the perfect benchmarks for your contract abstraction needs. Regardless of whether your contractual requirements are periodic or a project-to-project basis you can now quickly get the information that you need to be extracted from your active and legacy contracts for a better contract review and management. Our automated contract abstraction eliminates the need for staff, or outside expensive firms. We apply the combination of machine AI and human intelligence to get the accuracy needed from contract details so you don’t miss anything.
You can now easily
1) Keep your abstraction database up-to-date without burdening your department
2) Improve compliance with both new and existing contracts
3) Enhance productivity within your legal, procurement, contracts department