Contract Management Services
Contracts are a very integral part of any business entity irrespective of its size and industry. It is something that a business entity encounters, even before it has got its first client or staff onboard. As the business grows, so grows the volume and verity of contracts. Due to its growing volume and types, business entities are forced to invest substantial amount, either in their in-house legal department or hire third party legal teams.
Many organizations are increasingly worried about this expenditure involved in contract management. In fact, it will be difficult to refute the argument that nearly 75% of the legal expenditure emanates from contract management which ultimately leads to the hair-splitting question of how to reduce the expenditure on contract management. However, the questions do not stop there. In recent years, many organizations have faced the difficulty of managing the inflow of work with the limited number of resources rendering them unable to do strategic work rather than routine tasks which can easily be completed using 3rd party services. At Lex Process, we can reliably answer questions relating to accountability, regulatory compliance, client satisfaction and revenue loss arising from missing contractual commitments or renewals.
Contract management and document review services from Lex process encompasses almost the entire gamut of work which an in-house legal department does. Additionally, its engagement model and time tested processes, ensures that its clients’ office counsel or stakeholder has full control and visibility of its work. Leveraging on its offshore presence, Lex Process also helps in bringing down the ever growing expenditure in legal departments.
Using 3rd parties to manage your contract management needs can be a key denominator in taking the stress out of contract management. Advantages can be manifold but is most likely to include the following:
- We have the resources to handle the increased inflow of work and can work as the extended legal arm of the organization.
- Improvement in overall productivity.
- Cost efficiencies
- Storage of contracts in electronic database which enable easy access and search capabilities.
- Automated contract summaries.
- Risk analysis of contract preformed without the need for manual searches.
- Early warning on missed contracts and renewals
- Contract Drafting
- Contract Review and Analysis
- Contract Abstraction and Summarizations
- Contractual Obligations and Risk Assessment
- Contracts Tracking and Renewals
Apart from contracts management, Lex Process also provides document review services to enterprise business entities, law firms and legal research firms. Document review by its very nature is a time consuming activity and needs an eye for details, thus making the process expensive in nature. Lex Process provides a host of document review services such as initial review of documents for litigations, investigations, audits, etc. It also assists is document management through storage and coding services for easy retrieval.