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    Lexhawk Summer Internship - 2020: Contract Management Outsourcing Services

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    Sri Mugan
    Contract management services provided by legal process outsourcing (LPO) firms can help small businesses streamline processes and reduce costs. LPO firms offer services like contract drafting, review, and repositories. They can assist with tasks like capturing key contract information, redlining, and dispute management. Using LPO firms allows small businesses to benefit from lower costs due to offshore locations, urgent support due to time zone differences, and ensuring agreements meet both parties' understanding to avoid future disputes. LPO contract management services enable small businesses to focus on core operations in a more cost-effective manner.

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    Lexhawk Summer Internship - 2020: Contract Management Outsourcing Services

    Uploaded by

    Sri Mugan
    143 views3 pages
    Contract management services provided by legal process outsourcing (LPO) firms can help small businesses streamline processes and reduce costs. LPO firms offer services like contract drafting, review, and repositories. They can assist with tasks like capturing key contract information, redlining, and dispute management. Using LPO firms allows small businesses to benefit from lower costs due to offshore locations, urgent support due to time zone differences, and ensuring agreements meet both parties' understanding to avoid future disputes. LPO contract management services enable small businesses to focus on core operations in a more cost-effective manner.

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    Internship 3

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    Contract management services provided by legal process outsourcing (LPO) firms can help small businesses streamline processes and reduce costs. LPO firms offer services like contract drafting, review, and repositories. They can assist with tasks like capturing key contract information, redlining, and dispute management. Using LPO firms allows small businesses to benefit from lower costs due to offshore locations, urgent support due to time zone differences, and ensuring agreements meet both parties' understanding to avoid future disputes. LPO contract management services enable small businesses to focus on core operations in a more cost-effective manner.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    143 views3 pages

    Lexhawk Summer Internship - 2020: Contract Management Outsourcing Services

    Uploaded by

    Sri Mugan
    Contract management services provided by legal process outsourcing (LPO) firms can help small businesses streamline processes and reduce costs. LPO firms offer services like contract drafting, review, and repositories. They can assist with tasks like capturing key contract information, redlining, and dispute management. Using LPO firms allows small businesses to benefit from lower costs due to offshore locations, urgent support due to time zone differences, and ensuring agreements meet both parties' understanding to avoid future disputes. LPO contract management services enable small businesses to focus on core operations in a more cost-effective manner.

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    Download as docx, pdf, or txt
    of 3

    LEXHAWK SUMMER INTERNSHIP – 2020

     R.SRIMUGAN

    CONTRACTS MANAGEMENT IN LPO


    (ASSIGNMENT-3)

    Today’s corporate legal departments are looking to streamline and improve their contract
    management processes. In many cases, it makes good business sense to engage a Legal
    Process Outsourcing (LPO) provider to manage legal service contracts, agreement drafting,
    legal contract review and legal document review work.

    Contract Management Outsourcing Services :

    LPO service providers offer governance, compliance and risk management solutions that
    enable corporations to avoid or lessen business and reputational risks. Some of the most
    commonly outsourced contract management processes include:

    • Contract discovery and audit services


    • Contract summary, redlining, drafting
    • Contract abstraction
    • Governance, risk and compliance
    • Management reporting services
    • Online contract repositories
    • Alerting and notification services
    • Claims and dispute management

    Contract management services are of great importance, especially for small businesses. It
    involves various processes like assisting with drafting standard contracts, creating and
    managing databases and repositories, contract reviewing as per standard position and map
    deviations, analyzing contracts for specific compliance or other requirements, redlining and
    negotiating agreements as per standard position, capturing, abstraction and summarization of
    key information etc.
    The contracts are used by small business owners to give their relationships with external
    parties a formal look. A poorly defined contract could easily lead to a dispute between parties
    and could result in the filing of court petitions. In order to avoid any challenges in the future,
    the right strategy needs to be followed.

    The legal process outsourcing companies can help in the contract


    management process in the following manner:
    Cost-effectiveness: By hiring the contract management cases of outsourcing legal firms, a
    small company can reduce its overhead costs. The outsourcing firms based in nations like
    India, China, and Argentina etc. charge a much lesser remuneration than the local rates in
    developed nations like US, UK etc.
    So for small-scale business firms looking for cost-cutting measures, this is an ideal option.
    You will get high-quality work but at a considerably lesser price.

    Ideal in cases of urgent requirement: The LPO firms based in offshore nations like India,
    China, Philippines etc., can prove to be extremely beneficial in cases of urgent requirement.
    There is a 10-12 hour difference in the time zones of nations like the US, China etc., and
    nations like India and China which offers the unique benefit of assigning the contract
    management tasks in the evening and getting the desired results by the morning.

    Ensuring the right agreement of both parties: Generally, parties enter into a disagreement
    with each other due to misunderstandings. The legal process outsourcing firms can help in
    preparing contracts based on mutual understanding between both the parties and ensuring
    that there are no future disputes between the parties.
    All the crucial points will be discussed before commencing the contract preparation process.

    Helpful in dissolving disputes at the later stage: There is always a chance of disputes


    arising later on between the two parties despite immense care being taken while preparing
    the contract. The LPO firms offer contract reviewing as per standard position and map
    deviations services to the parties which can help in ensuring cordial relationships between
    the parties.
    Going through the above-mentioned information can enable small business organizations to
    understand the importance of LPO services for contract management.
    LSW is one of the leading providers of outsourcing legal support services to law firms
    looking for lesser operational expenditure and revenue optimization solutions. In the last
    eight years, they have earned the goodwill of their clients by adhering to deadlines and the
    desired quality standards. They have access to proficient staff and the latest software for
    fulfilling the needs of clients.

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