Terms of contracts to keep an eye on
If it is in there, it is important
There are no unimportant terms of contracts. Every term has its use and place. If the contract goes well, some of the terms may never be relied upon by either party. An example of this is a clause terminating the agreement.
However, when negotiating and entering into an agreement, it is important to scrutinise all of the terms of the contract. Your vigilance should be heightened when you are provided with a contract already drafted by your counterparty.
In particular, closely review the clauses that are generally towards the end of a written agreement and look like ‘standard terms’. As already stated, there are no standard terms in contracts. There is no term that ...