A contract records the parties' expectations and allocates responsibilities, payment obligations and risk. Reviewing it before signature can identify unclear terms and questions that should be resolved while changes are still possible.
Confirm the parties and scope
The contract should identify the correct parties and describe the goods, services, deliverables or relationship accurately. Attachments, proposals and schedules should be consistent with the main agreement.
Review payment and performance terms
- Price, fees, deposits and taxes
- Payment dates and invoicing requirements
- Delivery, completion and acceptance criteria
- Responsibilities of each party
- Consequences of delay or non-performance
Understand termination and dispute provisions
Termination rights, notice periods, liability provisions and dispute-resolution clauses can become particularly important if the relationship changes. These terms should be read together rather than in isolation.
Use the review to make an informed decision
A review can explain obligations, identify gaps and support proposed revisions. It cannot eliminate every commercial risk or guarantee that a disagreement will not arise. Specialist input may be appropriate for complex or regulated transactions.