5 things you need to know about Contract Reviews
- Reviewing a contract can be a simple or complex legal task, depending on the type of contract and on the quality of the contract provided by the other side. It’s important to consider the quality and complexity of the contract when considering the amount of time your lawyer will need to spend on the review.
- When asking a lawyer to review a contract it’s important to be clear on your expectations. Generally there will be two ways in which a lawyer will provide a review and advice. The first is to have a review with a verbal consultation. The second is to provide a written advice.
- Generally a written advice is more expensive, as the lawyer takes on more risk by providing the advice in writing, and the process of writing the advice generally takes longer. Written advice is not always necessary, so make a decision based on your legal needs and pricing.
- When reviewing a contract, your lawyer will focus on the important operative or provisions. These are the business specific provisions. These are normally at the front of the document. Many contracts will have a section at the back of the document which is known as the “boilerplate” or general conditions that every contract has. Don’t be concerned if your lawyer doesn’t make many changes to the “boilerplate”, the operative, business specific provisions are generally more important.
- Finally, make sure your lawyer is familiar with the type of business covered by the contract you’re getting reviewed. If your lawyer understands the business involved the review will be quicker, more efficient and more effective.
Ursula Hogben Key Focus:
Commercial Law, Contract Law, Information Technology And Online Law, Intellectual Property, Capital Raising LawExperience:
Bank of America Merrill Lynch, Baker & McKenzie, Hogben Group