Reviewing a Contract

Reviewing a contract is a hard task to do. You have to know not only what is in there, but what is should be there. The fee also usually is about a half of legal fee on drafting.

My limited experiences gave me some tips to review a contract effectively in a short-time situation:

-look the right provision. It depends on the experience you have. A lawyer who has extensive experience with a particular type of contract will be able to do a more focused review than a new one, since the lawyer can predict with a high degree of certainty which provision are likely to be relevant.

-bear in mind about the imperfection of contract. It is impossible to anticipate every scenario using a contract. Risk is an integral part of business. Try to use cost-benefit analysis instead of looking for perfection.

-word processing and email had led to greater pressure to draft, circulate, comment, review and re-draft in faster cycles. See them as an opportunity. Use tools available in your word-processing’s software.

-lawyers are human, We make mistakes.

-in contracting process, plagiarism is a virtue. Plagiarism is the name of the game. Use a precedent or other established contract as your references in spotting what new clause should be inserted or how certain clause should be written. Make sure that the precedent is closely match to the transaction at hand.

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