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?
Contract reviews - pre-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
Contract reviews - tier one

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.

Contract reviews - tier two

4. Tier Three

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

Contract reviews - tier three

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.

Contract reviews - tier four

About the author

Summize

Summize makes contract review, creation, and management easy for legal teams, wherever they work. Made up of tech experts and legal professionals, Summize is here to provide you with the best and most up to date information.
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