Contract Review Procedure Template
Description
How to fill out Contract Review Checklist?
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FAQ
A contract review checklist is a tool that helps you ensure that a contract is clear, fair, and legally enforceable. It can also help you identify and avoid potential risks, errors, and disputes that could arise from a poorly drafted or negotiated contract.
Three basic stages define the contract review process: negotiation, revision, and execution. And each stage is accompanied by unique risks and delays ? especially when legal departments rely on manual review and negotiation processes. The negotiation stage alone can sometimes take months.
What is a Contract Review? A contract review is a contractual process used to identify and analyse the key provisions within an agreement. A legal professional will read each contract thoroughly to understand the terms and conditions and highlight risks or relevant information.
The purpose of the contract and order review procedure is to ensure that all quotes, orders or tenders are checked to determine the necessary requirements applicable to the product or service and that the company has the ability and capacity to meet the customer requirements.
Contract review checklist Focus on the most critical clauses. ... Strive for clear language. ... Review default terms. ... Check for blanks. ... Read termination and renewal provisions. ... Note significant milestones. ... Allocate risk fairly. ... Understand the remedies provisions.