Running An Effective Contract Review
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.
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?
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
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.
4. Tier Three
The following parts of a contract are definitely important and should always be identified in any commercial contract.
5. Tier Four
These are the final few boilerplate clauses that should be examined in detail during any contract review
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.