A legal review focuses on ensuring that the contract is enforceable, compliant with the law, and that it protects your legal rights. A business review, on the other hand, assesses whether the contract makes good business sense by evaluating the financial, operational, and practical terms.

The purpose of a contract review is to thoroughly examine the terms and conditions of a contract to ensure that they are fair, legal, and in line with your expectations and objectives. It helps identify potential risks, ambiguities, or unfavorable terms before signing.

Key elements to focus on include payment terms, responsibilities of each party, termination clauses, confidentiality provisions, dispute resolution processes, and any warranties or guarantees. It’s also important to check for any unclear language or potential loopholes.

Yes, you can propose changes or amendments to a contract during the review process. These changes should be clearly communicated to the other party, and both parties must agree to and sign off on the final version of the contract.

Contract review is the process of analyzing and evaluating a contract before it is finalized. Contract management, on the other hand, involves overseeing the contract throughout its lifecycle, ensuring compliance, and managing any changes or disputes that arise.