CONTRACT ABSTRACTION AND CONTRACT SUMMARIZATION
Contract abstraction is the process wherein a brief statement of important points like, dates, clauses, the scope of work and other important information are abstracted from a contract. It is a kind of legal coding where tagging of all important terms, Metadata, etc. are done. It is useful in dealing with lengthy, voluminous and complex contractual documents since it provides brief of a contract with all important points, such as the name of the parties, dates, termination, liability, renewal clause, etc. It’s a time-saving process which ensures legal compliance as well as helps in increasing internal productivity and considered useful to companies in making informed decisions.
Professionals involved in contract abstraction should consider several things before initiating the process, such as identifying and acknowledging important terms, Metadata, etc. in a contract. There are various steps involved in contract abstraction, such as—
- Analysis of contract
- Contract Review
- Listing the contractual rights and liabilities
- Identifying the inconsistency or contradictory provisions of the contract
- Updating the contract
- Checking for the amendments in the contract
- Creating a compliance list including schedules, renewals, and reporting progress work.
Contract Summarization is the process of summarizing the important points using few words with the aim to simplify the most relevant terms and clauses of the contract. The entire contract is summarized in a short and pointwise manner to easily understand the key information of a contract. It’s useful for a quick reference and review. It has several benefits, which are—
- saves time and resources;
- easy to understand contract terms;
- easy to monitor and manage contract compliance;
- helps in knowing important obligations and acknowledging overlooked revenue or rights;
- helps in better control of business commitments;
- a concise view of significant clauses; and
- focus on key terms and clauses.
Gracious offers contract abstraction and summarization services. We are capable of handling large voluminous documents. Please contact our Sales Representatives to know more about our services.
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