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We have a contract review process & procedures to analyse agreement from the ground up to spot risks and help businesses in their risk management and due diligence review.
Mar 18, 2024 · The process of contract review involves a systematic evaluation of the contractual agreement, ensuring that all aspects are thoroughly assessed. A review is a critical step in business transactions to ensure that all parties involved are in agreement and protected.
A Checklist outlining what counsel should consider when drafting or reviewing the standard elements of a commercial agreement, including contracting parties, scope of the agreement, obligations of the parties, payment terms, pricing, term and termination, provisions addressing risk and liability (representations and warranties, indemnification, ...
Contract review is not an easy process, but the more careful you are now, the more time you’ll save later–and the happier everyone is likely to be during negotiations. Try following this example of a contract review checklist, step-by-step.
- Key Clauses & Terms. Every line in a contract is important and needs to be reviewed closely, but some clauses and terms are clearly more significant than others.
- Termination & Renewal Terms. Before signing any legally binding agreement, you’ll want to confirm that you completely understand the contract’s termination and renewal terms to avoid getting locked into an agreement longer than you originally anticipated.
- Clear, Unambiguous Language. As you read through a contract, pay close attention to how each sentence is worded and look for language that could be left up to interpretation.
- No Blank Spaces. Using contract templates is a great way to save time during the contract drafting process, but requires special consideration during the contract review phase.
Jul 5, 2021 · By summarising information such as key dates, termination clauses, confidentiality agreements and auto-renewal language, your business can take the results of a contract review to create a proactive contract management plan, register potential risks and build internal processes around crucial deadlines.
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May 7, 2024 · However, most business owners are unsure about when they should review their commercial agreements. This article explains the importance of reviewing your commercial agreements, as well as three instances when you should review said agreements.
