When a company signs an agreement, get your contract reviewed is legally binding itself to the provisions outlined in that document. Therefore, it is vital that contracts are analyzed and reviewed in order to ensure they are clear, concise, and fit for purpose. Contract review can also expose any pitfalls that might adversely shift risk between the parties to the contract and provide the opportunity to negotiate any issues to make the agreement more balanced, fair, and effective.
What are contract review stages?
However, it can be difficult to thoroughly read every line of an entire contract and any associated documents, particularly if they are lengthy or complex. This may result in things being missed – putting a business at risk. To avoid this, a simple contract review checklist can help to ensure that all contracts are fully analyzed and that a business is not inadvertently exposed to substantial risk.
The key points to consider are whether the contract meets its original objectives, is enforceable, and will achieve what it was designed to do. It is also worth examining the broader context of the contract to see if any circumstances have changed since it was signed.
Ironclad’s cloud-based contract management software makes the contract review process efficient and reduces cycle times by providing a central hub for contract tracking, negotiation and communication. This allows a business to save time by not having to piece together contract edits from different teams or spend hours looking for the latest version of a document. With our tools, a business can also easily create and edit PDF documents and use Clickwrap agreements to speed up the contract review process for everyone involved.