Parking Services Provider Presents Stellar Deck in 8 Days By Outsourcing Abstraction Services

The Client is a leading US parking facility management services provider. They manage over 1,000,000 parking spots and the subsequent logistics and enforcement involved.

Challenge

  • The Client needed to present consolidated data for 60 lease abstractions to their management team and CEO, in just 4 days
  • The Client was short-staffed in the legal department
  • This project required sensitive abstracted data that the Client needed in order to fulfill their responsibilities as a Lessee
  • The Client needed to know their rights & obligations towards other parties in the lease abstractions

Solution

  • The Client reached out to LegalEase Solutions to work on their abstractions, which needed to be processed urgently
  • LegalEase Solutions presented the Client with the Lease Abstractions Solution
  • LegalEase Solutions, in conjunction with their technology partner, created an in-built customized template for the Client
  • LegalEase Solutions utilized their tech partner’s AI technology to identify and obtain relevant abstraction data for each of the fields
  • The Client gave LegalEase Solutions their lease abstraction templates, which included various fields for abstraction ranging from 15 to 25 fields

Each lease was between 10-90 pages long. The Client needed specific inputs from the lease regarding fields including

  • indemnification
  • landlord and tenant’s obligations
  • terminations rights
  • abatement

Benefit

  1. Timely delivery
  2. Substantial cost savings
  3. Lightens load on resources
  4. Client can make better informed business decisions with color-coded Excel sheets

Result

  • The LegalEase Solutions team completed 105 lease abstractions for the Client in just 8 days
  • LegalEase Solutions delivered almost 70 priority leases within only 4 days
  • The Client enjoyed significant cost savings by using the LegalEase Solutions Contract Abstraction solution
  • All relevant data for each lease was consolidated into a central color-coded document
    • This document can be used to keep track of any expiry or renewal requirements
    • The actionable Power BI dashboard provides insights and facilitates business decision-making, based on the risks highlighted in the consolidated sheets

Post-Delivery Success

  • The Contract Abstraction service saved the Client 3 days worth of work
    • The Client retained specific data sets that fall under the respective field, which helped with their business decision-making process
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