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 CONTRACT REVIEW
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In this Topic, we will look at a set of contract review guidelines and various contractual means of limiting risk.

留学生论文网Students should also read and review their notes for International Business Law.
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One way of checking whether contracts are achieving what they are intended to do is to work to a set of contract review guidelines. The advantage of these is that they can highlight areas of concern at an early stage on matters which require board approval or which might require input from underwriters.

Here is an example of a basic contract review document:

CONTRACT REVIEW GUIDELINES

This document represents XXXX PLC’s Guidelines in relation to the drafting and review of contracts.

This document also applies to variation of contracts, assignations, novations, renewals and terminations of contracts.

This document should also be used for sub-contracts.

The objectives of the Contract Review Guidelines are:

1. To ensure the rights and obligations of the parties to the contract are clearly documented and ambiguities are minimised;

2. To ensure XXXX complies with the laws of all territories where it does business;

3. To minimise the risk of disputes and litigation and to reduce legal risk to XXXX;

4. To ensure the contracting arrangements of XXXX are consistent with its insurance arrangements;

5. To create consistency in contracting principles.

Recommendations

1. The Company will appoint a Contract Review Co-ordinator who will co-ordinate all contract preparation.

2. Contracts designated as Type A must be reviewed by the legal team or approved external advisers. Type A contracts are listed in Annex 1.

3. All contracts which are not Type A are Type B Contracts. Type B contracts do not require to be reviewed by the legal team but may be reviewed at the discretion of the Contract Review Co-ordinator. Guidelines for reviewing Type B Contracts are contained in Annex 2.

4. All principal documents of Type A contracts should be sent to the legal team for safe keeping. A copy should be retained locally. Type B contracts should be stored locally.

5. These procedures will be reviewed and audited every three years as part of the Company’s internal audit programme.

ANNEX 1

TYPE A CONTRACTS