How a Parking Services Provider Obtained 105 Lease Abstractions in Just 8 Days

How a Parking Services Provider Obtained 105 Lease Abstractions in Just 8 Days

Introduction

About the Client 

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.

Benefit

Timely delivery


Lightens load on resources

Substantial cost savings


Client can make better informed business decisions with color-coded Excel sheets

  • 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
  • Relusts

    • 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 color-coded sheets 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