These are the provisions and clauses that oblige the parties to do something positive to fulfill the contract. You may breach the contract unless you have the explicit right to suspend work in the agreement. You will find that you will be able to follow your contract review in a structured way. This is because the courts expect companies to take care of themselves. This means not signing agreements that expose them to risks they are not willing to take. it is an application of the principles of freedom of contract. Suppose, for example, that a framework agreement is formed: people who know what they are do not let them go through contractual checks. With so many different types of contracts, you can expect to perform contract reviews for a whole series of different agreements. If you are not a contract lawyer, you may be missing something important in your document review process. Some contractual clauses are common in many contracts.
Others are specific to certain types of contracts. Minor derogations in the wording may make the difference in the legal effect of the agreement after it has been signed. The Contract Review Checklist is a comprehensive list of all the key elements to consider each time the contract is signed.3 min To move on to the next step in the contract review procedure, there are more complex things you need to pay attention to. Below is a consolidated checklist that will assist you in your audit….