Contract Summarization is the restating of the salient points of interest in the contracts in as few words as possible with the goal to simplify the given information by pointing to the most relevant terms and clauses in the contract, limiting the need for accessing the original documents.
Some of the benefits of contract summarization are :
- Summarization catalysis to focus on key terms and clauses of a contract for a quick reference.
- Helps staying on top of important obligations and realizing any overlooked revenue or right.
- A very important tool in the hands of management to have a better control of business commitments.
- A quick and effective way to manage and monitor contract compliance.
- Saves wide-ranging contract review time and resources.
- A contract summary is easy to understand as it highlights important terms removing any unnecessary text that makes content confusing at times.
Contract summarization provides a concise view of all the significant clauses helping in dealing with lengthy and complicated contracts, saving precious time and resources. Important clauses listed in a simpler format by removing any unwanted redundant text from the clause makes it easy for the reviewer to understand the contract terms, thereby increasing productivity and ensuring comprehensive compliance.
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