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When examining a contract, it’s important to focus on summarizing its financial terms rather than replacing an accounting system. This involves extracting key financial details to understand how they relate to the overall contract portfolio, without necessarily tracking every purchase order or invoice. Additionally, it’s crucial to identify significant provisions within the contract, emphasizing specific obligations rather than general terms like confidentiality. When extracting this information, key areas to look for include all payment provisions, specifically which party is responsible for payments to the other party.