Contract Abstraction 

Contracts are the backbone of a business operations as they outline the obligations of the Parties to an agreement. The Contract contains all the essential information that have to be abided by the parties to an agreement but there is no easy way to extract the information when it’s needed the most. Identifying key information within thousands of contracts requires a resource-intensive, manual abstraction process that is often time consuming and very expensive.

Companies such as consultancy firms, multi-nations company’s, mid-sized firms enter into millions of contracts and are stored in their file cabinets and electronic storage. These stored contracts make it difficult for companies to ensure the key dates and payments are met and certain terms/clauses implemented. Extracting pertinent information from intricate clauses of contract can be expensive and time consuming. With White Code you can get cost-effective contract abstraction solutions which will make it easy for you to manage all your contract and implement the deadlines to stay on top of your contracts.

 Contract Abstraction involves extraction of the following information

1. Identify the Parties
2. Effective Date
3. Confidentiality
4. Remedies Provisions
5. Indemnification Provisions
6. Contract Terms/ Tenure
7. Causes for termination
8. Notice
9. Resolution of Disputes & Jurisdiction
10. Signature Lines

Benefits of Contract Abstraction

1. Summarization provides key terms and clauses of a contract for quick reference;
2. Improved Focus on important Obligations and risks;
3. Provides enhanced control of business commitments;
4. Timely and effective management and monitoring of contract compliance;
5. Saves excessive contract review time and legal resources;
6. Simplified contract details with important terms highlighted, unnecessary text removed, etc.