How to prepare for a contract review
A contract review does not begin by searching for ‘risky words’; it begins by understanding the deal. The fuller the context, the easier it is to compare the text with the actual agreement and spot omissions.
Collect the complete set
Use the latest version of the contract and every document it refers to. Annexes, specifications, terms of reference and correspondence can change the meaning of obligations as much as the main text.
- the latest editable version and PDF copy
- annexes, specifications and schedules
- material correspondence and commercial proposal
- an earlier version with comments, if available
Record the purpose and boundaries
Briefly state what each party must do, by when and for what amount. Separately mark terms without which the deal loses its value for you.
- subject matter and expected outcome
- price, currency and payment procedure
- deadlines and acceptance criteria
- liability and termination procedure
Prepare a list of questions
Frame questions through consequences: what happens if there is a delay, who pays additional costs, and whether work can be assigned to a third party. This turns a review into a clear negotiation plan.