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Running An Effective Contract Review

Running An Effective Contract Review

Zoe Peterkin, BSc Hons.
June 30, 2020

Organising and running an effective contract review can be intense and time-consuming work, especially when completed manually. To try and break it down, our legal experts worked out the key stages and factors involved in a contract review, identifying the most important things to understand and examine.

1. Pre-Review

Legal teams need to completely understand each contract before they can even start a contract review. There are three things to be determined in the pre-review stage:

  • Who is the other party?
  • What is the purpose?
  • What are the expectations?
Infographic showing 3 things you should know before starting a contract review

2. Tier One

These are the first four factors that should be identified when first examining a commercial contract:

  • The trigger for payment
  • Any commercial protection
  • Duration periods
  • Payment terms
Infographic showing the key parts of a commercial contract

3. Tier Two

These are the next three factors that should be examined and understood fully. Data protection, in particular, undergoes continuous changes and developments each year, so it is vital to analyse it closely.

Infographic showing the keys parts of a commerical contract

4. Tier Three

The following parts of a contract are definitely important and should always be identified in any commercial contract.

Infographic showing the key parts of a commercial contract

5. Tier Four

These are the final few boilerplate clauses that should be examined in detail during any contract review

Infographic showing the key parts of a commercial contract

With so many key parts to a commercial contract, reviews can be daunting; especially alongside daily workloads. Managing and organising this kind of information isn’t always easy across multiple contracts and so it is difficult to

But here at Summize, our software helps to identify and store contractual data, making handling contracts quicker and easier for your team. Using the platform, teams can run an effective contract review 85% quicker – so don’t just review it, Summize it.

You can keep up to date with all things ‘Summize’ by following us on our social media channels:

LinkedIn | Facebook | Twitter | Instagram | YouTube

Running An Effective Contract Review

By
Zoe Peterkin, BSc Hons.
June 30, 2020

Organising and running an effective contract review can be intense and time-consuming work, especially when completed manually. To try and break it down, our legal experts worked out the key stages and factors involved in a contract review, identifying the most important things to understand and examine.

1. Pre-Review

Legal teams need to completely understand each contract before they can even start a contract review. There are three things to be determined in the pre-review stage:

  • Who is the other party?
  • What is the purpose?
  • What are the expectations?
Infographic showing 3 things you should know before starting a contract review

2. Tier One

These are the first four factors that should be identified when first examining a commercial contract:

  • The trigger for payment
  • Any commercial protection
  • Duration periods
  • Payment terms
Infographic showing the key parts of a commercial contract

3. Tier Two

These are the next three factors that should be examined and understood fully. Data protection, in particular, undergoes continuous changes and developments each year, so it is vital to analyse it closely.

Infographic showing the keys parts of a commerical contract

4. Tier Three

The following parts of a contract are definitely important and should always be identified in any commercial contract.

Infographic showing the key parts of a commercial contract

5. Tier Four

These are the final few boilerplate clauses that should be examined in detail during any contract review

Infographic showing the key parts of a commercial contract

With so many key parts to a commercial contract, reviews can be daunting; especially alongside daily workloads. Managing and organising this kind of information isn’t always easy across multiple contracts and so it is difficult to

But here at Summize, our software helps to identify and store contractual data, making handling contracts quicker and easier for your team. Using the platform, teams can run an effective contract review 85% quicker – so don’t just review it, Summize it.

You can keep up to date with all things ‘Summize’ by following us on our social media channels:

LinkedIn | Facebook | Twitter | Instagram | YouTube

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