Contract Abstraction comprises of summarizing critical information such as important dates, consideration, jurisdiction, indemnity, and other pertinent information from hard or soft copies of the contracts to give a concise view of contracts. Contract abstraction helps the companies to effectively manage all their contracts, efficiently handle their compliance and meet all the statutory and contractual deadlines.
Our dedicated team of expert lawyers includes abstractors, quality checkers, project manager as well as supervisors to abstract, review and deliver end-to-end highly accurate abstracts to the clients.
The purpose of abstracting contracts is to assist business managers of the Company in efficiently handling volume of contracts without perusal of each contract time and again. It further helps in keeping track of important dates and events that are agreed in each contract with the other party.
1. At the outset, we understand the nature of transaction including purpose, instructions, kinds of contract, number of fields, nature of fields, detailed written protocols/ Standard Operating Procedure (SOP), time required to abstract each contract, software to be used for abstraction, etc. We generally recommend carrying out a Proof of Concept (POC) to understand the project and client’s requirements.
2. Based on the above, we finalize the scope of work and determine the pricing with the client.
3. Sign the MSA and SOW after discussing the payment modalities.
4. Prepare the training manual to be used internally by the team.
5. Logins provided by the software provider as required by SKJ.
6. Start the abstraction process.
7. Conduct quality check. In case the QC team finds it necessary to get a clarity from the client about any query related to a particular contract, such query is communicated to the client which is expected to be resolved by the client within 24 hours.
8. Contract abstracts are delivered to the client as per the turnaround time as agreed by uploading in the designated folder of clients. In the entire lifecycle of contract abstraction.
