Capitol Legal Service, LLP is powered by an array of technology solutions that help our clients manage their contracts from drafting, negotiating and execution of the document to renewal if needed and finally its termination. Our team of well-trained individuals will dedicatedly work with you in selecting and deploying the tools most appropriate to your needs and provide support throughout the process. Our team is skilled in multiple verticals and have extensive expertise in leading contract management platforms also known as CLM i.e., Contract Lifecycle Management platforms.
Contract Abstraction or Extraction is the method wherein a summarized statement of important fields like, effective dates, expiration dates, termination clauses, the scope of work, indemnities along with liabilities and it limitations and other important information are extracted from a contract. It is a kind of legal coding where tagging of all important terms, Metadata, etc. are done. It is useful in dealing with lengthy, voluminous, and complex contractual documents since it provides brief of a contract with all important points, such as the name of the parties, dates, termination, liability, renewal clause, etc. It is a time-saving process which ensures legal compliance as well as helps in increasing internal productivity and considered useful to companies in making informed decisions.
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.
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.
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 & 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.
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.