What Is Lease Management Software?
Companies use lease management systems to track the details of their leases. These systems are in heavy use in the real estate ecosystem, including by property owners and managers, investors, and large lessees (i.e., enterprises that have a lot of leased locations). Lease management systems can contain lease abstracts, as well as data like payment streams. While lease management systems often cover leases of real property, they can also be focused on leased equipment.
How Contracts AI can help when embedded in Lease Management Software
Leases are essentially contracts, and some Contracts AIs come with a significant number of lease-relevant field extraction models out of the box. Of course, finding provisions in leases is only part of the problem in lease understanding. Leases are often messy, amended documents, and it can take a lot of work to piece together what the in-force obligations are. Contracts AI won’t yet take lease management system users all the way they need to go, but can still help. Leases are usually long, dense documents. They can be very slow to review. Contracts AI can help speed review up, even if imperfect. Contracts AI can also help automatically group leases together with their related documents (amendments, addendums, and the like).