Reviewing commercial contracts to minimise financial difficulties
Published by a LexisNexis Commercial expert
Practice notesReviewing commercial contracts to minimise financial difficulties
Published by a LexisNexis Commercial expert
Practice notes
This Practice Note considers the steps which a business can take to review its commercial contracts with a view to extracting maximum value and minimising Costs. The Practice Note explains the circumstances which might prompt a legal contract review, what should be reviewed and who should be involved in the review process. It also explains the key elements of the contracts reviewed from both a customer’s and a supplier’s perspective.
Purpose of review
A contract review is intended to be a periodical review carried out by a lawyer in conjunction with key business stakeholders, over and above the contract management carried out by the business operationally day to day. Although a contract review may be prompted by issues arising as and when they occur from time to time, it is also beneficial to schedule a periodical review at a given point in the contract lifecycle or financial year to offer the opportunity for the business to keep on top of its options available to extract value, minimise unnecessary costs,
Access this content for free with a 7 day trial of LexisNexis and benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 41 practice areas
Get your quote today and take step closer to being able to benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 36 practice areas
Get a LexisNexis quote
* denotes a required field
To view the latest version of this document and thousands of others like it,
sign-in with LexisNexis or register for a free trial.
Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Costs definition
What does Costs mean?
Money ordered to be paid by one party to another in respect of the costs incurred in the course of litigation, in bringing or defending a claim.
CONTACT US
