This is going to be a series of posts on a much ignored aspect of contracts – Review. Of course these aspects are equally important, per context, even while drafting a Contract !
And all these usually comes into very sharp focus ONLY when there is a dispute, and then may cause a party millions of dollars !
Each post will just mention a maximum of TEN points.
So, by no means exhaustive, and in no order of priority, here is what you should look for:
- Object of the Contract : Is it clear and succinctly captured in the Title and elsewhere ( perhaps in the preamble ) ?
- Definitions : Comprehensive ? Properly capitalized all through in the contract ? Any undefined term in the Contract ? Is that acceptable to you ?
- Signatories : Are they clearly set out and do they have the requisite authorities from their principal ( company, for example ) ?
- Obligations of each party
- Guaranties, Warranties and Covenants of each party
- Liabilities of each party for breaches: Clearly set out ?
- Any aspects unique to your situation – such as Non Disclosure, Confidential Information, Non-Compete, Intellectual Property assignment etc. clearly brought out ?
- Term and Termination Clauses
- Arbitration: Generally a good clause to have
- Jurisdiction: Geographical and legal.
Comment in with more. And share your experiences – or examples of good/bad contracts you have come across.
For any further queries and discussions, please see the the contact us page.
किसी भी प्रश्न और चर्चा के लिए कृपया हमसे संपर्क करें। यह पृष्ठ देखें।
