Don’t forget to read the small print: getting the most out of contract reviews


contract reviews

Whether it’s a lease, agreement, or any other law document, reviewing a contract is an aspect of business that often gets overlooked as just a simple signature. When you agree to a contract the first time round, being meticulous with the finer details of what you’re signing for is standard procedure: you take the time to ensure that each point assigned is permissible, and that you’re happy to proceed having taken note of the small print. However, when the time comes to review, it’s easy to assume that nothing has changed, and treat that quick skim read as gospel. Once you sign, it’s too late to refute a contract point, because, after all, you agreed to it, right?

The best advice you could ever receive when it comes to contract reviews is don’t forget to read the small print. It might seem like an obvious statement, but it’s all too regularly overlooked. But how does this help you make the most of your contract review?

Clarity for both parties 

A contract review is not a chore, but an opportunity for both parties to refresh the contract’s terms and regain complete understanding of individual points. It’s a good idea to follow a contract review checklist in any case, so you have a reminder to be fully aware of sticking points such as automatic renewals. If your mind has changed on something since you last signed and you forget to read the small print, you may find it’s too late to register – or even discuss – your new decision.

Confidence in the contract 

It’s a good idea to ask for a synopsis of the contract from the other party involved in order to see whether the terms match up. Any points of conflict or uncertainty should arise more immediately, and if your gut is telling you not to sign straight away then openly discuss what your issue is. This means you can resolve it straight away, and there will be no surprises down the line that could cause delays, legal problems or damage to the relationship between parties.

When it comes to contract reviews, reading the small print is essential not only on a legal basis, but on a personal basis too. Getting the most out of your contract doesn’t necessarily mean that your business, family or you will feel the benefit of what you’ve signed for daily, but it is rewarding in the sense of security, and knowing your legal rights and boundaries.

Next time your contract review is due, don’t shy away from it: take your time, ask questions, and gain the knowledge you need to in order to be happy when you pick up that pen. And above all, don’t forget to read the small print!