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Reviewing Contract Key Terms and
Conditions:
Improving Contract Terms, Mitigating Risks, and
Eliminating Ambiguities
Contract Lifecycle
Understanding Contract English
Uncertainty in Contract Language
Low Risk vs High Risk Contract Layout
Reviewing Core Commercial Terms
Identifying Sources of Risk
Breach of Contract
Day 1 Review and Recap
Day 2 Agenda
Contract Remedies
Risk Allocation and Mitigation
Anticipating Changes
Other Risk Transfer Strategies
The “Reasonable Efforts” Standard
Materiality and
“Material Adverse Changes”
General Conventions
Day 2 Review and Recap
Further Reading
• A Manual of Style for Contract Drafting, Ken Adams
http://www.adamsdrafting.com/writing/mscd/
• Adams on Contract Drafting Blog, Ken Adams
http://www.adamsdrafting.com/blog/
• Black's Law Dictionary, Bryan A. Garner
https://www.amazon.com/Blacks-Law-Dictionary-Standard-Ninth/dp/0314199497
• Advanced Legal Drafting, Bryan A. Garner, LawProse
https://lawprose.org/cle_seminars/advanced_legal_drafting.php
• HBR Guide to Better Business Writing, Bryan A. Garner, Harvard Business Review Press
https://hbr.org/product/hbr-guide-to-better-business-writing/an/10946-PBK-ENG
• English Law of Liquidated Damages and Penalty, Lexology
http://www.lexology.com/library/detail.aspx?g=ea8c9ddbc2da401d886cc807ce38fcf1
• Principles of Contract Interpretation: Interpreting Collective Bargaining Agreements, Jay E. Grenig, Marquette University Law School
http://scholarship.law.marquette.edu/facpub
• A Guide to Contract Interpretation, Vincent R. Martorana, Reed Smith
https://www.reedsmith.com/A-Guide-to-Contract-Interpretation-07-01-2014/
• Good Practice in Writing Contracts, CIPS Knowledge Works
https://www.kbresearch.com/cips-files/Writing%20Contracts.pdf
• Ten Pitfalls to Avoid In Contracting, International Association for Contract & Commercial Management
https://www2.iaccm.com/resources/?id=8976
• Drafting or Reviewing a Commercial Contract, Practical Law
http://us.practicallaw.com/resource/2-531-1345
• General Contract Drafting Principles, WeAgree
http://www.weagree.com/free-ebooks
• Legal Writing 201, 30 Suggestions to Improve Readability or How to Write for Judges, not like Judges, Judge Mark P. Painter, Ohio First District Court of Appeals
http://www.plainlanguagenetwork.org/Legal/legalwriting.pdf
Image Acknowledgements
• Agree By Aneeque Ahmed https://thenounproject.com/aneeque/collection/man/?i=671897
• Analytics By Lil Squid, US https://thenounproject.com/Lil%20Squid/collection/lil-pages/?oq=pages&cidx=0&i=148466
• Analytics Page By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326619
• Arrows By Eric Miller, US https://thenounproject.com/search/?q=arrows&i=801722
• Assignment By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326469
• Audit By Delwar Hossain, BD https://thenounproject.com/search/?q=audit&i=591024
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documents/?oq=page&cidx=3&i=326440
• Business Law By Delwar Hossain, BD https://thenounproject.com/search/?q=law&i=578409
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• Certificate By Sandra Mills https://thenounproject.com/search/?q=warranty&i=667932
• Change Orientation By Oliviu Stoian, RO https://thenounproject.com/search/?q=change&i=762637
• Check Mark Page By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326447
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• Clock By Giovanny, RU https://thenounproject.com/search/?q=time&i=767262
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documents/?oq=page&cidx=3&i=326457
• Commerce Document By hans draiman https://thenounproject.com/search/?q=commerce&i=866944
• Compression By Magicon, HU https://thenounproject.com/search/?q=squeeze&i=788772
• Confused By Jhun Capaya, PH https://thenounproject.com/search/?q=difficult&i=47686
• Contract By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/finance-usd-vol-1/?i=776580
• Cycle Channel By Jenie Tomboc, PH https://thenounproject.com/search/?q=cycle&i=717172
• Danger Sign By icongeek, IN https://thenounproject.com/search/?q=danger&i=802321
• Decision Making By Aneeque Ahmed https://thenounproject.com/search/?q=planning&i=885625
• Delete Button By Samy Menai, FR https://thenounproject.com/search/?similar=377968&i=377968
• Delete By Huu Nguyen https://thenounproject.com/search/?q=delete&i=30090
• Delete Fork By Dmitry Baranovskiy, AU https://thenounproject.com/DmitryBaranovskiy/collection/flow/?oq=split&cidx=1&i=60183
• Delivery By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-solid-vol-12/?i=822257
• Development By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-marketing-vol-11/?i=683360
• Diploma By Danil Polshin, RU https://thenounproject.com/everydaytemplate/collection/diploma-simple/?oq=Certificate&cidx=8&i=704736
• Diploma By Danil Polshin, RU https://thenounproject.com/everydaytemplate/collection/diploma-simple/?oq=Certificate&cidx=8&i=704738
• Diploma By Danil Polshin, RU https://thenounproject.com/everydaytemplate/collection/diploma-simple/?oq=Certificate&cidx=8&i=704740
• Disagree By Aneeque Ahmed https://thenounproject.com/aneeque/collection/man/?i=672037
• Discussion By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-solid-vol-12/?i=822261
• Document By Alexander Skowalsky, HU https://thenounproject.com/search/?q=agreement&i=742674
• Document By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326470
• Document By Arthur Shlain, IL https://thenounproject.com/search/?similar=685054&i=530997
• Earthquake By Hayashi Fumihiro, JP https://thenounproject.com/skeleton55/collection/disasters/?oq=disaster&cidx=1&i=77272
• Exchange By Kirby Wu, TW https://thenounproject.com/search/?q=give&i=745997
• Explosion By Gan Khoon Lay https://thenounproject.com/search/?similar=881211&i=680913
• Fork By Dmitry Baranovskiy, AU https://thenounproject.com/search/?similar=60026&i=5006
• Gavel By Vectors Market https://thenounproject.com/search/?q=punish&i=286300
• Group Defense By icon 54 https://thenounproject.com/search/?q=defense&i=644983
• Group Insurance By Delwar Hossain, BD https://thenounproject.com/search/?q=insurance&i=578476
• Hashtag Page By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326465
• Infinity By Alice Noir https://thenounproject.com/search/?q=infinity&i=751833
• Integration By Gregor Cresnar https://thenounproject.com/search/?q=compliance&i=545247
• Investment By Gregor Cresnar https://thenounproject.com/search/?q=investment&i=776592
• Investment By Gregor Cresnar https://thenounproject.com/search/?q=investment&i=822268
• Join By Dmitry Baranovskiy, AU https://thenounproject.com/DmitryBaranovskiy/collection/flow/?oq=split&cidx=1&i=60040
• Man Working By Hea Poh Lin, MY https://thenounproject.com/search/?q=working&i=584444
• Mediation By Gilbert Bages, ES https://thenounproject.com/search/?q=Mediation+&i=160374
• Meeting By Creative Stall, PK https://thenounproject.com/search/?q=negotiation&i=177392
• Money By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-solid-vol-12/?i=822270
• Number Two By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-
documents/?oq=page&cidx=3&i=326487
• Online Shopping By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-solid-vol-12/?i=822273
• Optimize By Aneeque Ahmed https://thenounproject.com/aneeque/collection/man/?i=672036
• Overseas Shipping By Ervin Bolat https://thenounproject.com/search/?similar=782971&i=782971
• Payment Options By Gregor Cresnar https://thenounproject.com/search/?q=payment&i=694971
• Prescription By Theo K., GR https://thenounproject.com/search/?q=remedy&i=119811
• Price Tag By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-marketing-vol-11/?i=683347
• Question By Lluisa Iborra, ES https://thenounproject.com/search/?q=question&i=858321
• Questions By Gregor Cresnar https://thenounproject.com/search/?q=question&i=686710
• Receipt By Lil Squid, US https://thenounproject.com/Lil%20Squid/collection/lil-pages/?oq=pages&cidx=0&i=148469
• Reception By Gregor Cresnar https://thenounproject.com/grega.cresnar/collection/business-marketing-vol-11/?i=683353
• Refresh By Amos https://thenounproject.com/search/?q=restart&i=9959
• Regress By Creative Stall, PK https://thenounproject.com/search/?similar=156187&i=131990
• Security Breach By Adriana Danaila https://thenounproject.com/term/breach/856719/
• Settings By Lil Squid, US https://thenounproject.com/Lil%20Squid/collection/lil-pages/?oq=pages&cidx=0&i=148473
• Shrink By Eric Miller, US https://thenounproject.com/search/?similar=801722&i=801725
• Shrug By Diana Chaytor, CA https://thenounproject.com/search/?q=shrug&i=28813
• Shuffle By Dmitry Baranovskiy, AU https://thenounproject.com/term/flow/5050/
• Signing Signature By Jianshi Wu, NY https://thenounproject.com/search/?q=signature&i=882150
• Spiral Arrow By Federico Panzano, IT https://thenounproject.com/search/?q=arrows&i=680211
• Strategy By Aneeque Ahmed https://thenounproject.com/aneeque/collection/man/?i=672040
• Tasks By Aneeque Ahmed https://thenounproject.com/aneeque/collection/man/?i=672044
• Tearing By Luis Prado, US https://thenounproject.com/search/?q=breach&i=151317
• Time Out By Luis Prado, US https://thenounproject.com/search/?q=Time+Out+&i=43145
• Trading By Gregor Cresnar https://thenounproject.com/search/?q=trade&i=686720
• User Comment By To Uyen https://thenounproject.com/search/?similar=305945&i=305974
• User Page By AlfredoCreates.com, US https://thenounproject.com/AlfredoCreates/collection/pages-documents/?oq=page&cidx=3&i=326434
• Warning Page By AlfredoCreates.com, US
• Work In Progress By Gleb Khorunzhiy, RU https://thenounproject.com/search/?q=work&i=42732
• Worker By Gregor Cresnar https://thenounproject.com/search/?q=work&i=796234
• Worker By Rafael Empinotti, BR https://thenounproject.com/search/?q=worker&i=783363

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Reviewing Contracts to Reduce Risk

  • 1. Reviewing Contract Key Terms and Conditions: Improving Contract Terms, Mitigating Risks, and Eliminating Ambiguities
  • 5. Low Risk vs High Risk Contract Layout
  • 9. Day 1 Review and Recap
  • 12. Risk Allocation and Mitigation
  • 14. Other Risk Transfer Strategies
  • 18. Day 2 Review and Recap
  • 19. Further Reading • A Manual of Style for Contract Drafting, Ken Adams http://www.adamsdrafting.com/writing/mscd/ • Adams on Contract Drafting Blog, Ken Adams http://www.adamsdrafting.com/blog/ • Black's Law Dictionary, Bryan A. Garner https://www.amazon.com/Blacks-Law-Dictionary-Standard-Ninth/dp/0314199497 • Advanced Legal Drafting, Bryan A. Garner, LawProse https://lawprose.org/cle_seminars/advanced_legal_drafting.php • HBR Guide to Better Business Writing, Bryan A. Garner, Harvard Business Review Press https://hbr.org/product/hbr-guide-to-better-business-writing/an/10946-PBK-ENG • English Law of Liquidated Damages and Penalty, Lexology http://www.lexology.com/library/detail.aspx?g=ea8c9ddbc2da401d886cc807ce38fcf1 • Principles of Contract Interpretation: Interpreting Collective Bargaining Agreements, Jay E. Grenig, Marquette University Law School http://scholarship.law.marquette.edu/facpub • A Guide to Contract Interpretation, Vincent R. Martorana, Reed Smith https://www.reedsmith.com/A-Guide-to-Contract-Interpretation-07-01-2014/ • Good Practice in Writing Contracts, CIPS Knowledge Works https://www.kbresearch.com/cips-files/Writing%20Contracts.pdf • Ten Pitfalls to Avoid In Contracting, International Association for Contract & Commercial Management https://www2.iaccm.com/resources/?id=8976 • Drafting or Reviewing a Commercial Contract, Practical Law http://us.practicallaw.com/resource/2-531-1345 • General Contract Drafting Principles, WeAgree http://www.weagree.com/free-ebooks • Legal Writing 201, 30 Suggestions to Improve Readability or How to Write for Judges, not like Judges, Judge Mark P. Painter, Ohio First District Court of Appeals http://www.plainlanguagenetwork.org/Legal/legalwriting.pdf
  • 20. 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