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 and maintaining a database of the essential information within thousands of contracts requires a team of intelligent and devoted lawyers who can review, summarize and find out key terms and manually abstract the information and maintain a database of the same which 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 and managing a database of the same can be expensive and time consuming. With White Code you can get cost-effective contract abstraction and management solutions which will make it easy for you to manage all your contract and implement the deadlines to stay on top of your contracts saving your company precious time and assets.
Contract Abstraction and management involves extraction and maintenance of a database containing of the following information
Benefits of Contract Management