Contract review checks and thoroughly validates each contract for its factuality and detail. Contracts are very important documents for the purpose of the entity it’s made for. Contract Review is associated with risk mitigation. This prevents misunderstandings, conformity to legal aspects and alleviates chances of future legal issues from materializing.
A reviewed contract always protects the best of your interest and lessens any surprise lawsuits or damages in the future. A contract review makes sure that the contract is completely analyzed, clearly explained, and if suggestions for change any would be shared to guarantee you solid contract management.
Keeping that in mind, contract review should be a mandatory task with experts assigned for a thorough line to line based check for the relevancy and necessity of the clauses and get a clear grasp on the legal terminologies that go with every contract.
Additionally, to contract review, a complete legal analysis done provides a better insight into the case, course of action and solutions needed and the aspect of laws befitting to the interest of the case.
FIRAC Legal Analysis
FIRAC is a legal analytical method with the five elements of the ACRONYM. Getting FIRAC Analysis done eliminates every risk that is bound to arise in a contract.
“Getting all your facts right.”
Get to know the 5Ws-Who, what, when, where and why. Find the key facts and sieve out the irrelevant details.
“When you have an issue it’s better to get to the bottom of it.”
When the facts bring you to the legal issues, recognize the actual problem to be dealt with the law.
“Rules are there for a reason.”
Identify, analyze and gather legal rules and regulations corresponding to the issue at hand that will provide a perspective on the issues captured.
“Lay down everything into good use.”
When you have the facts, issues and the rules, apply them together to bring the best elucidate fix.
“Great beginnings have great endings.”
When everything is done diligently, without skips or foresight and every fact of an issue and the rules generated thereby is applied it will aid you in conclusion.
An excellent contract review and Legal Analysis Approach eliminates every chance of misperception, mistakes or inadequacy of law traits blunders on the whole for the organization.