Developing A Contract Playbook: How To Remain Competitive And Avoid Unnecessary Cost And Liability

As your business engages in its ordinary course of activities, various types of contracts such as engagement letters, vendor service agreements and consulting agreements will be negotiated and entered into. Though these contracts are often standardized and include boilerplate language, many terms remain negotiable and clients may push back on certain clauses. While the terms of these routine contracts may appear standard or unimportant, they warrant close consideration to avoid unanticipated costs and liabilities down the road.

In most cases, it is inefficient and uneconomical to contact corporate counsel each time a client pushes back on a clause or offers additional language to a routine agreement. Instead, we recommend working with corporate counsel to develop a contract playbook to streamline and standardize the process of managing contracts.