Building your business means building the relationships that drive the business. Your business relationships must be robust to withstand the volatility of the market and the consequent situations that unfold. Your business contracts serve as the foundation for this purpose. The documents help you look back on how you and its other signee(s) have decided to proceed with the partnership for mutual benefit, thus shining a light on how to best overcome any present or potential challenge ahead.
When every line of such a document can determine the fate of everybody involved, it needs to be studied closely and understood well. Contract abstraction services can convert the often meandering verbiage of your contracts into a succinct, facts-focussed power tool that is easily comprehensible and specifically implementable to the target issue or an everyday routine business transaction.
The process of "abstracting" key information from a contract comprising dates, clauses, options, and other relevant information constitutes contract abstraction and Contract Summarization.
The contract summarization services that accompany the abstraction process help further condense the contract’s most pertinent information into a neat and tidy package for better storage and processing. They will organize the information into numerous segments that are labeled based on their properties and purpose, making it easy for retrieval and subsequent usage. Combined, these services form a potent system that eradicates resource draining work that needs to be done otherwise to obtain specific data from contractual documents.
It is a lengthy, labor-intensive process for an attorney/manager, especially when there are hundreds of pages to be dealt with. It includes meticulous reading and interpretation of all the complex details of leases, contracts, judgments, and agreements, along with the accompanying documents. Even a slight loss in understanding can result in alarming financial and legal consequences.
As part of our contract management solutions, we, at SunTec Data, proficiently conduct high-quality, high-volume contract abstraction services and contract summarization services for different categories of contracts and enterprises. Our team, laden with qualified professionals, is competent in a wide range of areas relevant to these services, such as technical, legal, operational, etc., and can help you maximize the accuracy of your abstracts and minimize the turnaround time.
Our team of lawyers and paralegals undertakes contract summarization, analyzes key contractual terms and provisions contained in such agreements, and identifies missing, corrupt, and duplicate files that would wreak havoc on every party that’s participating in the contract-based business activities, obstructing not just the seamless flow of the said activities but disrupting the well-oiled and established business relationship. With our contract abstraction services team at the helm of picking the finer points of your contracts, you can work worry-free towards your business goals and assist your partners in achieving theirs as well. Essentially, they help unlock the business potential of every participant in the contract-based activity to the fullest by better locking them into the terms and clauses of the contract.
As a full-fledged contract abstraction company, SunTec Data is able to cater to the needs of corporates, consultancies, real estate professionals and lease administrators, insurance companies, law firms, etc.
Apart from rendering contract abstraction services, our professionals are also adept at abstracting and encapsulating Case Law, Judgments, Depositions, Annual Reports, etc.
A professional looking contract sends across the message of reliability, awareness, and intent to achieve your business goals along with the other party/ies. SunTec Data’s contract abstraction services can deliver just such a document that’s fine tuned to the needs and aesthetics of the business relationship. By sculpting the one or many documents that are meant to spearhead your business’ fate in the future into easily comprehensible and enforceable entities of value, we will enhance your chances of success at your endeavors by a very large margin.
By also adding in our contract summarization services for a more complete support system, your contract documents will be better organized, with the data contained within becoming a more powerful asset for every situation you intend to use it. With clarity of the tenets of the contracts in their most sharpened form, your implementation of them will be more favorable to your business’ benefit. It will also help you negotiate a more favorable outcome when it comes time to extend the contract or alter it in any way.
As an experienced contract abstraction company, we understand the gravity of the services we have on offer, and the impact they will have on not just your business but those of your co-signatories. We, therefore, have selected only the best talent to carry out this responsibility. They carry the breadth and depth of knowledge necessary to craft a true abstraction of your vital contracts and other documents that require their services.
We have teams made up of legal, technical, and other types of experts that are needed to conduct the task effectively and efficiently. We ensure that they remain up to date with the latest developments in their respective fields that could affect your contract situation. There is no limit on the type of contract they can work on or the industry of your business. They will deliver excellence in every case with no compromise on any associated factor.
You can be confident that they will utilize the latest in technological resources as well to provide the accuracy and time savings you need. And these technological resources will be used by them with an unwavering focus on data privacy and security. Our use of the latest in data security software and the practice of security protocols to limit access to your data will ensure the confidentiality you desire for your contract data.
You can also avail multiple data management related services such as market research data collection, data coding, and analysis, report presentation, etc. for a complete end-to-end data services requirement fulfillment. Thus, when you outsource contract abstraction services to SunTec Data, you gain the affordable, confidential, collaborative, expert, and multipronged service approach that drives businesses under contract closer together for better performance and mutual growth.
For more information on how SunTec Data can help you in contract abstraction and summarizes all the salient points of your contract, please contact us We’re also available on our email ID firstname.lastname@example.org.
Automation is an inescapable reality of business today. Every business, regardless of the industry of operation, has to rely on automation tools to remain competent in the market and stay in touch with its clients and customers better. Its every aspect is likely to be dependent on some form of automation, including its contracts management. To that end, it has become a necessity to run a contract management system along with other similar software to help your business keep functioning. The role of contract abstraction and summarization services comes into the picture when data needs to be fed into the management system. Having a system running on bloated data that could give potentially spurious or counterproductive results is bad for business. Abstraction services can do away with that unwanted excess data, turning the whole process of contract management on the client’s side accurate and quick. So, to sum it up, both the management system and abstraction are needed, as the former depends on the latter for better functioning.
Data visualization and reporting is such a vast field that one is limited in options by only their imagination. That being the case, some visualizations work best for certain types of processes while others won’t. When it comes to data abstraction reports for contracts, it is best to go with plain text format combined with the appropriate numerical representation visualization for the data being presented. The industry type also plays a significant role in this decision making process. Contracts between medical industry consumers and suppliers, like hospitals and surgery equipment vendors, for example, will rely on text and tables for the numerical values that provide the specifications of the equipment being purchased. Those between an office and its insurance supplier may need to add graphical representation for cost and other factors to be included in them. You should discuss it with your contract abstraction service provider who will deliver it in a way that’s most beneficial to your business.
The point of contract abstraction is to simplify the sophisticated language of the original contract and collect the salient points of it in a comprehensible package. To accomplish this, it becomes necessary to let go of some pieces of data. However, given the nature of the contract process, it becomes necessary for the abstraction professional to include many important points while keeping track of the added bulk. Therefore, they will have a list of some contract information that they will include into the final abstraction/summarization report. Those points are the duration of the contract, the names of the businesses signing the contract, the names, addresses, designation, and contact information of the signatories, time and date of signing, the duration of the contract, possible extension clauses, compensatory information if one or more parties break the contract, and the cost, quantities of the products/services rendered. Some other information may be pertinent to be included depending on the industry.
SunTec Data is a professional and experienced data management company that includes contract abstraction and summarization as one of its critical works. Our industry leading service delivery is a result of years of hard work gone into understanding the market and performing accordingly. Our experts are chosen from among a few candidates who demonstrate their prowess so that you’ll have your project worked on by some of the best talents in the world. Being a global company, we work across time zones to give you quick turnaround times. We are industry and contract-type agnostic, and will deliver the same result either way. And we do so at affordable rates. Thus, with our help, you’ll have all the knowledge you need to know about the future of your business partnerships, and how best to mitigate any problems that may arise.