7

Key Steps
in the
Contract
Review
Process

Examine Critical
Terms and Clauses
Some parts of a contract, like terms and conditions
and indemnification clauses, are more important than
others. The first step is to thoroughly go through
these parts and be clear that you agree with them.

Look into Termination

and Renewal Rules
All contracts will have termination and renewal
terms. Ensure that you understand and agree to
these rules before signing the contract.

CONTRACT

Go Through the
Contract Language
Contracts with their misleading wording and tricky language
can make some terms confusing. If you find something you
don’t understand, make a list of it to discuss with the other
party and request revisions if required.

Check Default
Regulations
Ensure to review rules on default occurrences. It
gives you a picture of what happens if you fail to
stick to your end of the bargain and also what legal
resources you would need if the other party defaults.

Verify Important
Dates
All timelines need to be stated clearly in a contract.
Meticulously verify these dates to see if they fit with
your schedule. Also, ensure to set up a process for
making any changes to the agreed upon dates.

Watch Out for

Blank Spaces
Make sure there are no black spaces in a contract
before signing it. If any, it could lead to an incomplete
contract that is not legally sound.

Read the
Whole Contract
After completing the above steps, make
sure you read the entire contract word for
word and once you agree with the entirety
of it, only then go ahead and sign.