Scope of work - To abstract key dates, clauses, options, and other relevant information from a paper contract into data useable by a Contract Management System.
Task performed - The client came to us as they missed a date on one of the important lease agreements which cost them significant money. Our team abstracted details from commercial contracts (PDF files) and updated the contract management tool. About 40 fields had to be populated including the names of the parties, duration of the contract, key people, payment terms etc. These fields in turn became searchable when a person searched for the contract. The contracts included lease, supplier agreements, procurement of services, licensing agreement etc.
Result - The process achieved significant operational efficiency and cost reduction for the client. Due to this repository contract management, client is not likely to miss any contractual obligation in the future which can mean potential savings of millions of dollars.