Category: LPO

Legal Outsourcing & Insourcing! What To Opt?

Many organizations are taking advantage of outsourcing and insourcing by using it as their growth strategy. Most organizations search for creative solutions for legal tasks, while others are discovering the benefits of an integrated solution to upgrade their internal and external resources.

Is Outsourcing or Insourcing Right for You?

Large organizations easily took a step to adopt outsourcing or insourcing according to their strategies. However, many small businesses are still very hesitant and not clear about what tasks or processes they can remove from their to-do list. 

Let’s explore the concept and see what suits the best for your organization.

Value of Outsourcing

Outsourcing is a business practice in which the services are given to a third party to perform. This should be done because the cost reduction opportunity is higher. You can easily scale your headcount up and down. 

The management of legal risks is the foremost concern amongst the in-house counsel. There are various situations in which an ASLP makes sense. If your firm is under a strict deadline and lacks the time and need the expertise to complete the task, then outsourcing could prove helpful. 

Outsourcing allows a company to focus more on their core business. It is proven helpful when you’re under a strict deadline and lack the time or expertise to complete the task. Outsourcing allows companies to dip into a global talent pool. It is designed to fill the gaps for high-volume 

work and provides immediate expertise without long-term commitments. 

How About Insourcing?

On the other hand, some people find insourcing a better solution. It is a practice of hiring employees for specific services within the office. The main difference between the two of them is that insourcing has a lower cost-saving opportunity as resources are hosted in your office only. 

An in-house team allows companies to have superior quality control and oversight of their work. Businesses with limited budgets and resources may not be able to pay out the cost for insourcing. Building a team from scratch is often time-consuming and very expensive.

Before Deciding to Outsource Consider the Following Steps

Clear Objectives- What are you looking to achieve by hiring a third party vendor? Based on your goals, determine your best option. Evaluate the activities that are taking place in your business.

Amount & Budget- Cost shouldn’t be your main driver. You should focus on improving processes by adding ASLP, so you can focus on your core business. Set your goal around how much overhead cost you’re looking to reduce and how much investment you want to make in outsourcing.

Research & Analysis- Do your market research. Research which company and country are right for your business. Social media is a good review source to keep a check on what others have to say about outsourcing firms or companies.

Choose an Expert- Search for vendors who are experts in the area you want to outsource. For example, if you want to outsource your legal services then look for outsourcing firms that specifically focus on legal services.

Flexibility of Services- If you outsource your work from India, they can work while you sleep because of the quick turn-around time (TAT).

If you’re looking for the best experts to outsource legal services, connect with us at www.aerenlpo.com

Redaction Services: In-House or Outsource?

When it involves a document redaction project most of the organization think to themselves,‘’Should we do that with internal resources or pay experts to do it for us?’’ Well, it’s an advanced question to answer but organizations should be ready to answer by looking forward to the factors, pros and cons in their mind.

Such factors have to be considered first in document redaction:

  • Documents historical backfile or day-forward
  • Volume of the documents
  • Redaction softwares for automation or seek-and-redact

If you have got an outsized volume of documents the foremost efficient thanks to comprehend done is to outsource. Reason being the document redaction experts are found and staffed to figure on a project with singular focus. This permits expedient processing in contrast to keeping the project in-house, which needs training staff members and pulling them off their normal duties to redact at short intervals. Such projects might take longer if performed in-house but can be completed in less time by outsourcing. In general, all anyone has to do is verify the proposed redaction. An organization has thousands of documents every day coming in. It’s difficult to cover all the volume but outsourcing could make it easier. Outsourcing companies can shorten the time and also save labour costs.

Having a solution in situ (tools) uses a rules engine to seek out sensitive fields and can save immense amounts of time over traditional hunt-and-redact solutions.  While there are many factors of redaction to think about to gauge easily whether to outsource or not, it’s generally best to outsource because it can perform the work quickly and reliably.

Data is the exponential growth of this century, purely, because data is the most valued yet in baby steps processing due to the sheer size of the data being added every day. Be sure to speculate in your redaction solutions, like AEREN LPO offering redaction services since we have over a decade plus experience. We are helping clients with our reliable, cost effective strategies and high-end technology.

Tips to Make Remote Working Efficient! Are you Up for Grabs?

In response to the current situation, businesses have been implementing remote working policies for their employees by re-evaluating the corporate operation, policies, and procedures. Organizations are preparing them for this major change while adapting to this new environment themselves. Maintaining business continuity when you are away from the office is as important as you work in offices. Delivery of priority tasks such as legal documentation, implementing and refining corporate policy, and ensuring critical corporate communications shouldn’t be put on a halt. The teams involved should be effective all the time, especially when businesses require quick modification. 

These uncertain times depict the importance of remote working, however, even remote working leaves you with a feeling of opacity, disconnection from colleagues, and company culture. But with great planning, good communication, and with the help of technological tools, we can feel a sense of normality though away from the office. Here are some tips that can help to succeed in the remote working environment.

Expectation of Transition

When a transition is implemented across the organization, leaders need to ensure full alignment and commitment to the decisions made. Abiding by these,  working from home can turn into success. The team must develop a strategy and invest in interpersonal communication within to deliver the best work. Also, keep your employees informed of important information to accomplish the same goal with no loopholes. Cater to all the expectations of your employees while assigning clear directions on schedules, project timelines, and deliverables.

Strengthen Your Engagement and Communication

Disruption of company culture may come in your way due to less connectivity. Some communication strategies should consider to set up the appropriate communication channel like video conferencing, message applications. Regular industry updates and events that affect your business can help to effectively perform the duties. Also, acknowledge everyone to keep them positive and built enthusiasm to work with more efficiency.

Adopt Technology That Supports Remote Working

Start to prioritize your immediate need for work due to the lack of time and resources. Evaluate your heavily used solutions and adopt new technology tools by that the information is accessible from anywhere. General cloud-based tools should be used to support day-to-day operations. For outsourcing legal firms various tools are designed to address the need for legal work. The ability to execute electronic signatures has become even more of a necessity in business.

At AEREN LPO, we implement many such processes and always consider strategizing while prioritizing your work. Opt for our legal process outsourcing services to make your work done efficiently during this hard time

Is Digital Disruption a Threat or an Opportunity for Legal Professionals?

This year is being described as a year of ‘technological revolution’. And truly so, as the coronavirus pandemic has made our homes into tiny little digital offices. Advancements in the digital arena has streamlined businesses. The cost reductions, market exposure, and opportunities that technology has offered had resulted in revolutionary change. Digital Disruption is one of them. Digital disruption refers to the impact new digital technologies have on business services, clients, and personnel. 

Due to the mobilization and introduction of new technologies, digital disruption has become more prominent. Although this digital innovation isn’t new to the legal sector, the legal industry was mainly disrupted by the Legal Process Outsourcing Services. Legal professionals now deliver excellent service using technology that was once exclusive to the IT sector. Now, with technologies like artificial intelligence and machine learning, attorneys need to adapt the change to become competitive and relevant.

What’s New in the Legal Industry?

Legal is a highly regulated industry experiencing digital disruption because disruption is the need for a new business model. Attorneys and law firms take this opportunity merrily. 

As clients will always seek value to accept the new services such as offshore, onshore, outsourcing, and in-house for skilled experts to handle the business areas that are at high risks. It assists to reduce burden by turnaround time and a highly cost-effective alternative. The emerging technology also inserts a new area of concern called security awareness. 

Technological Development Are Disrupting Legal Services

A legal professional is expected to work on the latest technology and new demands from clients. Tools are helping the legal industry to manage processes faster, effectively, and securely. This process replaces labor functions with virtual processes which cater, clients to the best digital experience. This includes virtual communication, control on legal cases, speedy and effective resolution, mobile-first solutions, and many more in the way in order to satisfy their clients.

The usage of AI (Artificial Intelligence) and ML (Machine learning) impact the various legal areas. Therefore, it’s time for law firms to bring change, hold AI technology and hire legal tech experts to improve the quality of work. If the legal professionals refuse to adapt to the new work culture, it will be a challenge to find the best talent and productivity.

Usage of Digital Disruption 

More or less everything has its pros and cons. Digital disruption helps out in more ways such as:

  • Create and Illustrate the Value

It is the transformation that should not be ignored that has already taken place in the industry. Companies that implement the new digital technology often see higher returns rather than the companies who remain to their old running business models. They are more active and tech-savvy companies and get effective returns in their business.

  • Reduce Costs in Long Run

The cost of new technology may seem high, but the company that adopts the advance technology & overseas companies, also take the initiative to keep costs lower for consumers to manage business process and procedures more efficiently. 

  • Better Utilize of Data and Information

Digital technology allows companies to do more utilization with information whether its structured or unstructured data. Companies take advantage of data streaming to make data more-driven for business purpose which meets the needs of customers.

Digital Disruption is an opportunity for the legal industry & affiliates. Learn more about all the legal outsourcing services and solutions visit our website www.aerenlpo.com

Key Performance Touchstones To Outsource All Your Legal Workflow Management Assisted Tasks

Legal firms, corporate houses, legal publishing houses, attorneys, and many legal experts current unsettling agitation is the looming voluminous caseload, low to mid-level legal assisted tasks and a deterministic solution in fixing an easy, streamlined, and all through the year organized workflow management in all levels of the organization.

Off-shore outsourcing is a definite long term as well as short term solution that legal firms and organization can decide to move their workloads and eliminate backlogs and increase efficiency in the way they conduct their business and relationship with their clients.

AEREN LPO is throughout in the forefront for pioneering legal outsourcing and leads our clients in strategic decision making and making leaps by delivering the consistent value that no legal task is too small to go unnoticed or pushed to the background. Everything has its own significance in the legal journey and we ensure to deliver from large to small projects with dedication, commitment, and full justice in making your outsourcing benefits manifold.

Access to Proficient Legal Experts

Our attorneys, project managers, paralegals are not only experienced and deftly skilled, but hugely accomplished, qualified, and thoroughly adept in their practice areas. Each project is steered with the best of minds in the industry delivering world-class solutions every step of the way for all your concerns.

Latest Technology

We use and strategize technology both in-house as well as the third party that enhances the access to perks a technology or a software brings into the workflow process, the much needed time, cost-saving, and quality infused in delivering everyday projects.

The Choice To Scale And Hire

We believe in not limiting ourselves to only a certain way of work done is done and considered. We believe in flexibility in needs, skills as well as the seasons of change that happens in any workplace environment. We give the utmost flexibility to our clients to choose to scale, hire, rehire, or limit resources at any time throughout the year.

Multi-dimensional Saving

Outsourcing is all gains, saving, and quality in all retrospectives. A combination of the best resource assets, technology access, and management of everyday operating costs and training with complete transparency in bringing result-driven legal workflow management leads to huge perks and intangible profits expanded benefits.

Accord to Security and Confidentiality

Every project is guaranteed to uphold data security, confidentiality, and compliance adherence at all levels consistently. Only limited resources and point person is in access to the information with the complete onus of responsibility in dealing with sensitive information in all of our project levels. Equipped with the industry state-of-the-art facilities and secured servers, we give utmost importance to mitigate data breach discrepancies.

Pilot Projects

To test the flow of project management and requirement understanding, we undertake free pilot projects to assess, co-ordinate and streamline the actual project workflow before the actual nod and initiation with further payment options in carrying out the complete project.

We ensure to deliver solutions customized to every fine detail and fulfill all our client requirements in each of their legal workflow tasks, including project initiation, continuation, mobile car wash near my location and completion with us. We offer end-to-end legal outsourcing in Contract Management, Managed Document Review Services, Global Immigration Management, Litigation Support Services, Global Compliance and Regulations, Legal Research and Analysis, Merger and Acquisition, Deposition Summarization and Transcription Services and Para Legal and Virtual Assistant Services.

Visit our website at www.aerenlpo.com to learn more about all our complete legal outsourcing services and solutions.

Top 10 Covid-19 Legal Trends For Law Firms And Business

The year 2020 completely changed the world’s perspective, with COVID-19 affecting people globally and for the huge impact of losses and scare it caused worldwide. Here are the top 10 COVID-19 related legal trends that were exclusive or relative in response to COVID-19.

  • Work-from-Home (WFH)

WFH has become the universal phenomenon with lockdowns bringing countries, continents, states, and even inter-city borders to a complete standstill. Bigger organizations are extending WFH till June 2021 to tackle COVID-19.

All legal services and solutions are now being adapted in a WFH environment or with a lesser percentage of staff in an actual office set-up.

  • Virtual Meetings

Virtual Meetings were the first step towards continuing business amidst social distancing and WFH. Zoom, Google Meet became the new mode of workplace meetups and for connectivity.

Clients and attorneys kept in touch and followed on obligations through virtual meeting spaces and stayed updated and in touch for all their legal requirements.

  • Force Majeure

Lot was talked and re-talked on every aspect of force majeure and its provisions in regards to millions of contracts worldwide. The term trended everywhere for solutions to COVID-19 disruptions in legal responsibilities.

Contracts were either evaluated for a force majeure clause or amended to include one to protect the business losses in these hard times.

  • M&A for Antitrust Reviews

Mergers & Acquisitions of giants during pandemic have come under the lenses and were asked for more comprehensive evidence to dispel monotony notions in anti-trust reviews and closely monitored.

Now M&A is critically viewed for the authenticity of the purpose and the courts have been approached for stopping the sudden boom in acquisitions.

  • Virtual Assistants

Improving staff availability due to the COVID-19 with Virtual Assistants and Outsourcing Solutions has been growing. Legal resources are affected by COVID-19, making businesses looking for cost constraints and procurement to fill the shortage.

This has led more legal firms and businesses to drive their legal works towards virtual assistants, and legal process outsourcing companies as alternatives to compensate for their staff shortages, government regulations towards lockdowns, and other factors.

  • Business Continuity Plans

Business Continuity Plans for every organization were re-evaluated and reviewed for better future strategies and coming out of the current inadequacies and losses in carrying out business.

Business Continuity Plans paved the way for contingency measures to overcome challenges and issues related to COVID-19 in sustaining the business.

  • Material Adverse Effects (MAE)

In light of COVID-19, a lot was discussed on what constitutes MAE and for one to refrain and abide by the contract responsibility and chalk it out to risks under MAE. Visit www.thefloridamaids.com. Material Adverse Effect provides the much-needed leverage in business while in the renegotiation of terms for termination circumstances of a business.

  • Occupational Safety and Health Administration (OSHA)

OSHA guidelines were incorporated by the Centers for Disease Control and Prevention (CDC) in the USA to minimize COVID-19 risks for employees in workplaces paving way for regulations to protect all the employees and monitoring the COVID-19 scenario.

  • Contract Breaches and Non-performances

Contracts all over the world went for a complete overhaul in struggling to cope with contract breaches and non-performances at the beginning of 2020. Contracts are expected to gain momentum and perform better in the nearing of the end of 2020 by integrating contingency measures implemented under re-negotiated contracts.

  • Employees’ Welfare for COVID-19

New guidelines and support for employees who are directly affected by COVID-19 or their family members and children’sneeds of care were reviewed globally for leave requirements, pay benefits, insurance, and maintaining confidentiality and sensitivity while dealing withthe positively affected employee.

We are now in the third quarter of the year 2020 and by now, things are looking to marginally improve by people becoming more cautious and aware to the spread and taking precautions, adapting to the new ways of working and living, and businesses changing their strategies to turn this year and the future in their stride.

Artificial Intelligence In The Field Of Legal Process Outsourcing-How Much More Or Less Does It Mean For Human Intervention

Artificial Intelligence- The word AI brings to our mind the images of robots taking over the world almost as looking like humans walking in zombie films nightmare. Yeah, that’s the scare image that goes with AI.

 Let’s give a pause for a second here to know why does this picture about AI crosses our minds in a millisecond before we relate something to AI? Any guesses?

The answer is in the fear that AI will take over humans in every way, especially starting with every human job and render many jobless or take the importance of humans, ultimately becoming the voice automated boss robot commanding over the human race.

Rest assured, all AI is not a walking zombie robot but software-oriented tools with lots of trials and errors that have made it possible to carry out voluminous, repetitive tasks easier. AI is here to strike out the monotony that was insurmountable before to humans and hence eventually saves huge in terms of your money and much valuable time. This is Artificial Intelligence, that wants to disrupt your life is all about.

AI with legal integration

The same goes for AI in the legal field. AI in legal is advanced software and tools that take away the monotony that lawyers can vouch, for the enormous amount of time every attorney or a paralegal pours over in their desk. AI has made legal services smarter, efficient, and menial, repetitive tasks are now perfectly easier and bearable.

AI in legal makes legal even more interesting by

# Taking the long hours out of the picture

No more impossible hours for attorneys or paralegals, eventually giving faster turn around time to clients for any legal services.

# 100 percent no error rate

With AI, the slightest tendency of human error is completely eradicated, delivering projects with no risks of errors.

# Perfect for voluminous and repetitive tasks

AI is usually for making tasks which are huge and very much repetitive easier to work with. AI is the perfect solution to curbing monotony and performs to same results faster, efficiently, and effectively.

# AI makes overall management easy

AI makes any project management with contracts or reviews easier. It’s very cost-effective, effortlessly manageable, and even easier to keep in track and have control over everything at any given time.

# Additional tech support to enhance workflow

AI delivers additional tech support in means of legal software that makes process stream easier with clear-cut tech features for specific needs of contracts and e-discovery processes foran effective workflow at all levels.

Does AI mean Zero Human Intervention in the field of law?

AI without human intervention would look like a child operating a remote car. An AI software is fancy, fast, easy to navigate and operate, call back, keep track of and even find it if you lost with the locator button. But then without the child’s keen interest, it just better lay wrapped in its box.

The AI used in contract management and especially e-discovery of Managed Document Review Services are similar. It’s the Attorney’s interest and experience which makes it navigates in the right direction the client needs it to operate for their business.

Human intuition is fundamental to everything

Nothing can ever beat the quick-thinking solutions for problems, timely maneuver decisions in the right moment, ideas that generate, and eureka moments to do things even better which are only a special association with human behavior and tendency and especially to attorneys dealing with varied circumstances and situations at any given time.

AI is here to give you a good experience for handling all legal projects, increase productivity in completing long projects with the right resources, run things faster while in tracking or search of any keyword, clause or dates in a contract or legal documents, never wear down attorneys’ mental well being with performing the same tasks over and over since AI completes the repetitive tasks leaving strategic decisions and higher intelligence tasks in the good hands of skilled attorneys of the relevant fields of law.

AI integrated with attorneys in law will be a truly killer combination of brains and speed with no room for errors and unmatched quality.

Addressing the 3-Way Covid-19 Related Legal Challenges for the US Healthcare Sector

The world now is realizing our superheroes in their battle against COVID-19 from the frontline- the healthcare providers. The healthcare organization, their health care personnel are now under the duress of challenges in a bid to save and protect patients amidst the coronavirus outbreak.

The healthcare workforce is also dwindling due to being prone to coronavirus from treating patients, shortage of protective gear, masks, and medical equipment, also patients ending up in large numbers than the healthcare system can handle the crisis. The lack of or irregular processes in the supply chain due to the pandemic adds to further challenges in meeting all the required healthcare needs and supply at the moment.

Healthcare needs to tackle legal challenges in three ways: 

  1. One to handle the legal crisis in their in-house with issues related to inadequacy in supply chain management and equipment to protect their healthcare providers and patients.
  2. Second, in response to the patient as an entity of employee-employer relationship organizations, the healthcare organization should be prepared for handling Protected Health Information (PHI) of the employees in terms of Health plans and insurances under the umbrella of HIPAA regulations.
  3. Apart from healthcare and patients another source of legal issues needs to be handled are the government compliances which need to be adhered to, with new protocols related to the COVID -19 scare and welfare of public health.

At AEREN LPO, we are effectively processing healthcare legal solutions to handle and ease the legal challenges for both the healthcare organizations and corporates, the patients are associated with as employees, by addressing and providing solutions to everyone involved.

For Healthcare Organisations:

Focus on drafting the best course for your action plans and policy framework related to the COVID-19 emergency in response to US Govt’s new COVID-19 related policies.

Set priorities in handling the legal regulations in medical equipment supply chains for terms and conditions that apply under force majeure.

Drafting inventories and prepare contracts for Personal Protective Equipment (PPEs) to disclose supplies and demands for the health care organization as well in updating replies to the US Government protocols.

For Business and Corporates:

Reviewing documentation for employee eligibility and employee coverage for the Families First Coronavirus Response Act (FFCRA) of the US federal government in payment of paid sick leaves to families due to COVID-19 related health issues.

Addendum of additional clauses for measures in response to US Occupational Safety and Health Administrations guidance on Interim Enforcement Response Plan for Coronavirus Disease 2019 and Centre for Disease Control and Prevention (CDC) for safeguarding employees from COVID-19.

The Healthcare system currently is of prime importance worldwide, and any issues related to legal should not hold back in doing 100 percent in dealing with the COVID-19 crunch.

At corporates, employees being an invaluable asset, the recovery for the ones affected by COVID-19 and in a collective effort to save the employees and their families, corporates are now ethically bound to implement the new healthcare policies related to COVID-19 at the earliest.

Deposition Summary

A Deposition Summary is a very succinctly organized and summarized note or digest, giving clear and concise facets of the subject or exhibit. Deposition Summary is obtained prior to litigation from the witnesses. It is rendered orally after sworn in under oath, asking the right questions that are relevant to the case and help in understanding the client and the issue thoroughly. This deposition transcript is collected as means for evidence prior to the trial at court or for e-discovery.

A legal case takes many new twists and turns while in hearing when not rightly prepared for it. Unless the attorney and the client are well versed with the whole proceedings scenario at the tip of their hands one is sure to get overwhelmed by the opponent.

The Necessity of Deposition Summary

A deposition is in itself a real necessity. It’s like the complete book of information and facts and narratives of all the witnesses for the ongoing trial. However, the deposition summary is like the brief reference notes taken and referred to,which are very crucial on the day of the exam. The intention of the deposition summary is to discover the important key points of the deposition transcript and preserve the essence of the testimony.

A great deposition summary makes the attorney related to the case be in speed and have as a reminder note to himself with all the valid dimensions to the case rather than going through pages and pages of large deposition transcriptions and have the fear of missing out on essential and vital data at the time of hot trial happening.

How Deposition Summary is done?

The deponent’s oral testimony is adapted to written format and signed. These loads of pages of the deposition transcripts are read thoroughly and relevant details that are regarded as necessary to the ongoing case are identified. The transcripts are then prepared into a crystal and refined deposition summary. A good deposition summary is anywhere from a single page to four pages at maximum depending on the case size content and relevant details.

What does a deposition summary look like?

A deposition summary has the sworn in oral testimony of the witness in a short and to the point important aspects of a large deposition transcription. A standard deposition summary has the format page: line syntax. Based on the pages and lines in the deposition transcription made, the relevant data is extracted and for clarity and further reference if any made into a deposition summary with specifying the page number of the transcript and to the line in which the fact that is mentioned and abstracted to the required deposition summary.

A good deposition summary makes the trial a breeze to walk in without having the burden to refer to a significantly large line of case transcripts every single time.

Make the most of Outsourcing Deposition Summary

Deposition Summary Outsourcing makes it  more economical than doing it in-house. With highly specialized deposition summary writing attorneys well versed in the language and copywriting, a high standard and very succinct deposition summaries will be done in as much  less than 48 to72 hours. Saves you the trouble of time, cost and the task at hand in one go.

For deposition summary outsourcing with AEREN LPO please visit www.aerenlpo.com. We would be glad to deliver to you the best legal deposition summary.

Contract Abstraction & Summarization in Legal Process Outsourcing

Contract Abstraction & Summarization means to have all the necessary details of a contract shown, leaving out the rest of the larger to detail part for second consideration.

In this age of fast-paced lives, it’s not everyone who has the luxury of too much time. So when things are done, time is of the essence. So it becomes even more requisite that we make that happen or strive to do exactly that.

When it comes to the law, nothing is ever simple or informal. Everything about legal is complex and usually woven through large jargons and clauses running pages after pages.

It is either that, or the organization has a number of contracts that when you need one at a time you can’t just right away pick and get to know the A- Z of It. Also, it doesn’t take someone too long to consider it and ask a contract, “So dear contract, what you are trying to say eventually?”

Precisely as an answer to these questions comes the concept of Contract Abstraction & Summarization. Contract Abstraction makes sure that every contract is accounted for with the right important details just enough to describe the contract without overdoing it with loads of words and pages.

The Contract Abstraction exists in a template form of tables with the exact attributes to give you the complete meaningful insight about the contract and hence for easy retrieval and understanding.

Contract Abstraction Template

An example of Contract Abstraction Template attributes include-

Serial Number

Meta Data Terms                    – Description of the contract

File Name                                – Name of the file

Agreement Title                     – Title of the agreement

Purpose of Contract              – Relevant Portion of Agreement

Internal Party                         – Name of the client

External Party                        – Name of the counterparty

Effective Date                         – Effective date of the agreement

Expiration Date                      – Expiration date of the agreement

Initial Term                             -Time value

Term Type                               -Term type by fixed or fixed with an option to renew

Right to Terminate                – Whether a party has the right to terminate the contract

Notice Period                          – Number of days for providing the notice

Payment Terms                      – In terms of net days

Governing Laws                     – Provision that describes the applicable laws if any

This can be customized depending on the organization, however, fundamentally the relevancy of Contract Abstraction& Summarizationis the above attributes in which any contract extracts are sorted.

Contract Abstraction Key Goals

A good Contract Abstraction aims for the goals below

Risk Evaluation and Averting

Contract Abstraction gives us in layman terms the essentials details about the contract. This makes us evaluate and understand the contract effectively, mitigating any risks due to missing out on details.

Time-Saving

It provides you with information at a glance for a quick review. It saves a lot of time trying to skim through the whole contract to know the purpose and other much-needed contract details.

Decisive dates

Contract Abstraction provides you clearly with all the key dates neatly and legibly specified so that no deadlines are missed out or when a task/ service according to the contract needed to be carried out.

Straightforward and Uncomplicated

A template for Contract Abstraction with a tabular format and the adequate attribute descriptions columned and arranged makes it easy on the eyes to read and the brain to perceive things quicker.

Versatility

The idea of a Contract Abstraction lies in the customization and hence gives the advantage of adding relevant data about the contract as per their requirements whenever the need arises for categorizing the contracts.

At AEREN LPO we have the full legal expertise on Contract Abstraction Services along with our Contract Management Services. To get more details on how great we do it visit www.aerenlpo.com for your free pilot project.