Leading Utility Organization
Utility organizations are required to comply with governing laws and strict industry regulatory bodies in order to pass internal and external audits to satisfy their shareholders.
The organization required a quick and effective solution that would discover contracts containing very specific clauses. Once discovered, the contracts were to be indexed and have key metadata extracted to allow them to proactively manage the issues pertaining to a particular group of consumers.
These specific clauses only existed within a very small percentage of their hundreds of thousands of consumer contracts. Due to multiple acquisitions, the client had no knowledge of the contract locations, as well as the variety of different contract formats, clauses, terms and clause titles.
Prior to this, the utility organization was conducting manual searches for these contracts and their specific clauses, which had taken them 255 business days of mid-management resources.
Within a 48-hour period Seal Contract Discovery had:
- Searched over 200,000 documents
- Discovered over 7,000 contract documents
- Identified 2,500 specific clauses
- Abstracted the key contract clauses in each contractual document
- Delivered results in a searchable user interface and a full CSV file
- Presented additional clause relevant information such as penalty rates and pricing
- Discovered approximately 50 templates, that the review team could not manually find
The contracts and clauses were contained in word documents and image files, including TIFFs and PDFs. The Seal Contract Discovery engine discovered, extracted and presented the information with a comprehensive report outlining additional valuable information such as: contract types, contract locations, jurisdictions and contract terms.
Seal Contract Discovery also alerted the utility organization of several confidential contracts that were sitting on unprotected file shares and a number of contracts that pertained to a different jurisdiction and governing law.