LegalEase Clears the Lot For A Leading US Parking Services Firm, Abstracts 105 Lease Contracts In 8 Days

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, working 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

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.
• The document could, in the future, be used to keep track of any expiry or renewal requirements.
• The actionable Power BI dashboard provided insights and facilitated 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.
• Retaining specific, field-relevant data sets enabled the client to make better business decisions.