Blogs

With so many different sorts of contracts out there, you can expect to be doing contract reviews on whole host of different agreements.

All contracts will have some effect on your business. Some big, some small.

If you haven’t read it or don’t understand it, you’re exposing your business to unknown risks. Missing them means that you are putting your business at risk. Exposure to financially costly events cause unnecessary or fatal strains on your business and your relationships.

Where do you start with your contract review process when you’re confronted with a beast of a contract?

Starting from the very beginning and going through it one page after another is a mistake. You’ll 10x the time you need to get into it, understand it, find the gaps and fix them so that it works for your business.

There’s a better way.

Implement a structured process to do it.

Here’s how:

Where do you start with copyright law? What are the myths of copyright which could sting you for copyright infringement?

What’s right and what’s wrong? You can spend hours searching on the internet and not be too sure what you’re reading is right. Or Wrong.

Here a starter pack to get you started on what copyright can and can’t do …

Force majeure clauses in terms and conditions of contracts can be prepared to protect your business as a good first resort or a bad last resort.

Done properly, they’ll avoid damages claims where intervening events outside your control prevent, hinder or delay performance of legally binding obligations.

A breach of contract is material non-compliance with the terms of a legally binding contract.

Breaches of contract give rise to:

• a right to monetary compensation, that is damages, and
• if it’s serious enough, the right to terminate the contract.

It’s a necessary part of any legally binding contract that each party expects to obtain the benefit of the contract entered into.

But then it’s breached. What happens then? How do legal rights to damages and termination play out?