Contract/Lease Abstraction-Business Technology Enabled Service.
Abstraction-Business Technology Enabled Service means to draw or taking away the important elements from a document. By doing so, a summary of essential elements is formed which can be assessed easily. In simple words, abstraction can be defined as taking out all the important information from a document so that a summary is formed which can be easily assessed by an executive thus preventing him from flipping hundreds of pages so as to look for relevant information.Contract/Lease abstraction is a tool for making work easier.A lease is a very important document in the corporate world as it contains all the vital information pertaining to occupancy rights and obligations of landlord and tenant. To put it in simple words, a lease abstract provides the reviewer with all the important information at a glance.
Leases are comprehensive,however locating relevant and important information in a lease document is not an easy task as leases are legal documents and are very lengthy and can run into hundreds of pages and contain business and legal language that can be difficult to understand by a common man. The main advantage of abstraction is that it saves time by provides a summary of all the required information at a glance thus making it easier for the busy executives and results in increased efficiency and productivity as unwanted details are omitted. The result is called abstract made up of carefully chosen characteristics and performance specific to a particular usage of the originating entity.
Abstraction-Business Technology Enabled Service is an important tool of the modern business world. Studies show that abstraction helps in increased productivity and profits and saves time. Abstraction saves time that one might spend reading hundreds of pages of a contract so to to find the relevant information. Abstraction provide a summary of all important information in a couple of sheets thus making the task easier and time saving. Many companies are opting to get their leases and other contracts abstracted so that they can be easily reviewed when needed. The lease abstractor carefully reviews each lease so as to ascertain that all crucial information is captured and accurate abstract takes shape.
Legal departments and law firms have thousands of paper contracts stored in file cabinets or saved as spreadsheets. This type of storage system is clumsy and does not ensure that key dates and payment terms are met. Also it does not ensure that certain important conditions or articles are applied. The process of manually storing, monitoring, mining and managing contracts is time-consuming, expensive and risky. By outsourcing abstraction of such documents to an LPO provider that specializing in contract and lease abstraction services, one can have an advantage of staying on top of the data contained in such leases or contracts. Since LPO service providers employ the latest technologies to carry out the abstraction process effectively, they are able to deliver abstracted documents to clients precisely and speedily.
Lease abstraction work is usually done by attorneys, however many third party vendors have come up who offer lease abstraction services to real estate companies and other organizations that want their leases and contracts abstracted for better data management. Using a third party vendor for abstraction jobs proves advantageous as these vendors are based offshore and offer lease and contract abstraction services at an very economical cost. The off-shore vendors support a team of law graduates having relevant experience in abstraction and keep the team updated with the latest abstraction skills by regular training.
Though lease abstraction is a time consuming process, it certainly proves advantageous in the long run. Abstraction templates can be tailor made so as to suit the needs of the client and if leases are a part of your regular business, software can be developed so that leases can be abstracted using the software itself that again saves space as it eradicates paper records as all data shall be available on the system. So if you are a solo law practitioner or a small law firm, adapt to the abstraction techniques today so as save space, time and costs and increasing the efficiency and productivity of your business by outsourcing the abstraction jobs to offshore legal service providers who provide such services at a very economical price. Abstraction-Business Technology Enabled Service means ensuring no deadline is missed.
The abstraction team at Complete Legal Outsourcing is well known for providing accurate abstracts and developing abstraction software for the client so that the leases are abstracted online and the abstract is saved on the system itself. The abstraction software computerizes the abstracts further increases their value and when the lease or contract abstract is machine readable, it also eliminates the time and risk of errors that comes up when data is re-entered in the software.