In order to mitigate risks, prevent disputes, and ensure compliance with relevant laws, legal teams should have an efficient contract review process that highlights relevant contract terms and manages contracts efficiently. There are various ways to leverage workflow strategies to improve the contract review process, and a thorough contract review checklist is an essential component of any contract management process.
Some of the key elements of a contract review checklist include: examining ambiguous language; identifying default clauses; explaining the ramifications of failure; analysis of deadlines and important dates within the agreement; and addressing blank spaces that could lead to disputes if not addressed properly at this stage.
Ambiguous Language Assessment
In reviewing a contract, identify any ambiguous language that may cause confusion or misinterpretation later on. This includes terms with multiple meanings or unclear phrasing that could be interpreted differently by each party involved. Legal teams should carefully analyze these sections and suggest revisions for clarity before finalizing the agreement.
Default Clause Identification
In many contracts, there will be default clauses outlining the consequences if one party fails to meet their obligations under the agreement. It’s essential for attorneys to recognize these provisions during the contract review process, as they often contain significant penalties or termination rights for non-compliance.
Deadline and Important Date Analysis
- Milestone deadlines: Ensure that all parties understand their responsibilities regarding project milestones and deliverables by highlighting specific deadlines within the contract.
- Rights expiration: Be aware of any expiration dates related to intellectual property rights or other time-sensitive aspects of agreements.
- Renewal and termination: Identify any clauses related to contract renewal or termination, including notice periods and conditions for ending the agreement.
Addressing Blank Spaces
Incomplete contracts with blank spaces can lead to contract disputes. Attorneys must ensure that all parties understand their obligations by filling in any incomplete contract blanks during the review process. This helps prevent misunderstandings that could result in costly legal battles down the line.
A comprehensive contract review checklist is essential to ensure that all issues are addressed. Baer Reed can help optimize the contract process to build efficiencies and save costs for organizations. Contact us today to speak to our expert contract team.
Mr. Reyes graduated with honors from the Ateneo de Manila University, where he received the Procter and Gamble Student Excellence Award. He obtained his Juris Doctor degree from the Ateneo de Manila School of Law. During law school, Mr. Reyes was part of the Philippine delegation to the Willem C. Vis International Commercial Arbitration Moot held in Vienna, Austria. He was also a member of the Ateneo Society of International Law and the St. Thomas More Debate Society. He completed his internship at the Public Attorney’s Office. He wrote a thesis entitled: “To Kill A White Elephant: An Analysis of the Fiduciary Exception to the Corporate Attorney-Client Privilege”. Mr. Reyes is admitted to practice law in the Philippines and the State of New York.
Matthew Hersh earned a B.A. in Political Science from Columbia University in 1990 and graduated cum laude from Georgetown University Law Center in 1999. He also holds a master’s degree in international relations from the Georgetown University School of Foreign Service.
Cap. Avi Levak (Res. IDF) graduated from from Israel’s prestigious Ben-Gurion University of the Negev with a Bachelor of Science in Computer Science and Mathematics. He is also a Leadership and Communication coach trained in TuT coaching by Alon gal in Israel. Avi specializes in high-level, in-depth analysis of business and client needs, within systems and software strategy and architecture.
Ms. Lardizabal-Manzano is a graduate of San Sebastian College-Recoletos, where she earned her B.A. in Political Science. In 2003, she received her law degree from Lyceum of the Philippines and was admitted to practice law in 2004.
Mr. De Guzman graduated from San Beda College with a degree of Bachelor of Arts Major in Economics and received his law degree from San Beda College of Law. He is multilingual and is fluent in three languages: Chinese, Filipino, and English. He was admitted to the Philippine Bar in 2003.
Ms. Aquino-Batallones obtained a Bachelor of Arts degree in Development Studies (with Minors in Global Politics and Hispanic Studies) from the Ateneo de Manila University. In 2011, she received her Juris Doctor degree from Ateneo de Manila University School of Law. During law school, she interned at Romulo Mabanta Buenaventura Sayoc & de los Angeles then became an intern of Ateneo Legal Services Center’s Clinical Legal Education Program.
Ms. Cruz-Anonuevo graduated cum laude and top nine in her batch from Miriam College with a degree of Bachelor of Arts in InternationalStudies. She obtained her Juris Doctor degree from Ateneo de Manila University School of Law in Rockwell. During law school, she interned in Rivera, Santos, Maranan & Associates. She was also part of Ateneo’s Labor Law Bar Operations. She wrote her thesis on, “Stealing Privacy: Limitations on Media’s Photographic Invasion.,” Ms. Cruz-Anonuevo is admitted to practice law in the Philippines.
Ms. Tyler graduated cum laude from Georgetown University and received her law degree, cum laude, from Georgetown University Law Center. During law school, she interned at the United Nations Economic Commission for Europe. She also worked on The Tax Lawyer journal and was a member of the award-winning Barristers’ Council Mock Trial Team. Ms. Tyler is admitted to practice law in the State of California and the District of Columbia.