Legal insight
Contract language can define significant obligations. A careful review begins with the business purpose and the parties’ intended responsibilities.
Understand the commercial purpose
Start with what the parties intend to achieve and how the agreement allocates responsibilities, payment, timing and performance.
Examine the important terms
Pay particular attention to scope, warranties, liability, remedies, notice requirements, governing law and dispute procedures.
Record proposed changes
Amendments should be clear and agreed by the appropriate parties before the document is executed.
When to seek advice
The legal position depends on applicable law, the wording of the relevant document and the surrounding circumstances. The points above should be treated as general information, not an opinion on a particular matter.