Review contracts when products or services change. New delivery methods, subscriptions, online sales, remote work, and technology integrations may create obligations that older language does not address.
Pricing and payment provisions should match current practice. Agreements should explain deposits, invoicing, due dates, late charges, recurring billing, refunds, disputed amounts, and collection costs where appropriate.
Scope descriptions need enough detail to manage expectations. Ambiguous work descriptions often lead to disputes over what was included. Change-order procedures are especially important for projects that evolve.
Ownership of work product, data, designs, software, photographs, customer lists, and intellectual property should be addressed.
Confidentiality and data-protection provisions may need updating as more information is stored in cloud systems or shared with vendors.
Termination provisions should explain notice, ongoing obligations, final payment, return of property, and transition assistance.
Businesses should also review limitation-of-liability, indemnification, insurance, dispute-resolution, governing-law, and venue provisions.
Contract review should occur after major regulatory changes, an acquisition, expansion into a new state, repeated customer disputes, or a significant change in business model. Legal documents are part of the operating system of the business and should be maintained accordingly.
Craig A. Fine, Esq.
Attorney and founder of The Law Office of Craig A. Fine, P.C., licensed in New York, New Jersey and Florida. Contributor covering residential and commercial real estate, business law, contracts, landlord-tenant matters, litigation, wills, trusts and estate planning.
