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

L
LegalEase Solutions

May 4, 2023

2 min read

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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.
105
lease abstractions
8-day
turnaround
3 days
saved

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.

Outcome

  • 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.
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