LegalEase Clears the Lot For A Leading US Parking Services Firm, Abstracts 105 Lease Contracts In 8 Days
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, 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
Benefit
- Timely delivery.
- Substantial cost savings.
- Lightened the load on resources.
- Client made more 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.
- 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.
