Having the ability and knowledge to amend onerous and unfair clauses is one of the benefits of conducting a contract review.
The other, is understanding your obligations and opportunities under the contract.
If you understand what your obligations are, you can put in place strategies to ensure compliance and mitigate risk. Most contacts differ slightly so what is required in one may well be different in another; so, relying on what you did in the last contact may not be sufficient in the next one.
- Some contracts stipulate what is required within a payment application, if you don’t comply you risk your application being downvalued.
- There may be condition precedents, time bars, changes in protocols etc. for claiming variations or extensions of time.
- Alterations to the relevant events
Also, by understanding your contract you will also understand what your contract is based on. Chances are the only thing that will make it to the contract from your offer is your price. Understanding the basis of your contract means that you are now able to identify all change, know how to submit valid notices and thereby maximise your entitlement.