Here's how you can master the art of drafting and reviewing contracts as an executive.

The most important thing with the basics is to understand the underlying industry for the contract. The big value add is when you know how the industry works and the nuances. I always advise that you spend time reading about the industry, its concepts, its regulators, its laws, its norms etc before you advise on a contract.

Uno de los aspectos relevantes previo a cualquier negociación es la preparación, para ello es importante conocer el contexto y los antecedentes, qué es lo que busca tu cliente y quien es la contraparte. En este senido, sugiero definir el "MAAN" (Mejor Alternativa de Acuerdo Negociado o en inglés “Best Alternative to Negociated Agreement”), que devela cuánto es lo mínimo que estoy dispuesto a aceptar y si -además- logro visualizar el MAAN de mi contraparte, estaré mucho mejor posicionado en la negociación.

Its important to go through the basic soul of any contract before going in deep. Understand the Purpose and Context: 1- Clearly define the objectives and goals of the contract. 2- Identify potential risks and challenges. 3- Determine the minimum and maximum terms you are willing to accept. Collaboration and Stakeholder Involvement: 1- Meet with key business executives to ensure all agreed-upon business terms are provided. 2- Maintain open communication throughout the process. 4- Consider the factors that will affect the negotiating, drafting, or review of the agreement, such as the scope of the transaction, term, SLA and related details.

Executives don’t need to review every detail of every contract. It’s not part of the job. But someone needs to review them. And it needs to be clear who has responsibility and authority.

1- Meticulously review each clause, considering both legal compliance and practical implications. 2- Ensure all language is clear, unambiguous, and sufficiently detailed to cover each party’s rights and obligations. 3- Ensure all clauses work together and do not contradict one another. 4- Use consistent and clear headings and subheadings to organize the document. 5- Avoid jargon, acronyms, or technical terms that are not defined or explained. 6- Make sure all annexure are at place with correct reference number mentioned and mapped.

Details in contracts always matters and sometimes are the most important to look at, specially when using templates or standard documents. Always check them twice.

Assessment of risks is critical. Evaluate from the perspective of the party you are drafting the contract for. For instance, as a service provider, not having a force majeure clause is risky, but as a client, the absence of a force majeure clause may protect your interests better.

Drawing from my background in litigation, spanning over three years, I have worked hard on diving deep into contract analysis. By preparing for worst-case scenarios, playing devil's advocate, and ensuring client protection from potential future disputes, you can excel in the craft of contract drafting and review.

La evaluación de riesgos debe ser la constante en el día a día de cualquier profesional. Dicha evaluación debe ir más allá del coste económico que representa su incumplimiento, tu evaluación de riesgo debe aportar a sus participantes la certeza de que, al materializarse el objeto del contrato, el resultado sea lo que las partes en verdad están buscando para sus respectivas organizaciones.

é fundamental a negocia??o justa para estabelece rela??es comerciais e jurídicas para ambas as partes. Envolvendo um processo de transparência, buscando alcan?ar um equilíbrio justo de benefícios e obriga??es, considerando sempre a legisla??o aplicável e os princípios da boa-fé. Portanto, esse aspecto fortalece a integridade e a confian?a mútua, essenciais para a execu??o e resolu??o de eventuais disputas de maneira amigável.

Additionally, understanding the other party's organizational culture and history can help you anticipate potential risks and concerns, identify potential areas of compromise, leverage your contractual advantage, develop a more effective negotiation strategy and negotiate fairly. This way your chances of a win- win contract is most likely.

Contract involves the concerned parties agreeing to certain terms/conditions. Because of its legal binding, it is essential to consult experts during drafting. For example, in 2010 I was eager to complete a project, where we had invested over $5m dollars. We needed a bridging finance to complete the project. Notwithstanding we had a retainership with a legal chamber, we went ahead to sign the contract, without consulting the lawyers. When early stage issues started, we then consulted our lawyers, after a thorough review of the documents, he said, this contract is designed to fail. He gave numerous instances how SMEs experienced stillbirth with bank loans. That experience has had impacts on my projects advisory. Know the subject matter.

Find a sounding board for your contract. It helps a lot. It is always useful to have team conversations about the contract and the terms. The timing for this conversation should happen at all stages of contract drafting. At the initial, interim and final stages.

1- Formal Process: A) Establish a formal process for commencing legal/Company secretary involvement. B) Ensure a formal process for reviewing and approving the contract. 2- Peer Review and Feedback: A) Review and proof your work carefully. B) Ask a peer to lend fresh eyes and provide feedback. 3- Legal Compliance: A) Ensure compliance with local code, tax laws, and country-specific requirements. B) Consult with legal experts and stakeholders to ensure the contract meets all necessary legal requirements.

Una buena idea es no revisarlo el mismo día que lo redacta. Por otro lado, no lo lea directamente desde la pantalla, imprímalo. Si es un contrato muy importante, déselo a alguien que no está involucrado o familiarizado con el asunto, para asegurarse que están claros los puntos a tratar, los puntos de acuerdo y los puntos donde no hay un acuerdo.

é crucial uma boa revis?o, antes de finalizar um acordo entre as partes. Mitigando riscos e garantindo a clareza e a precis?o das disposi??es acordadas. Ao revisar um contrato de forma abrangente, as partes podem identificar e corrigir inconsistências, ambiguidades e lacunas que possam assegurar que todos os termos e condi??es reflitam adequadamente os interesses e objetivos das partes, bem como estejam em conformidade com as leis e regulamentos aplicáveis. Portanto, investir tempo e recursos em uma revis?o completa n?o apenas fortalece a validade e a eficácia do contrato, mas também contribui para rela??es comerciais mais transparentes e sustentáveis.

La mayoría de las controversias en torno de los contratos, resultan - más que por errar en el derecho citado - en no ser claros en los negocios que trata. Muchos contratos son ideados por los Socios, pensados por los Senior y redactado por los Juniors. Todos (seniors y juniors) pondrán en exceso clausulas muchas de ellas confusas, solo para cumplir y no ser ellos mismos sancionados. Igual los Seniors. Los Socios asumen que se encuentra en orden porque tiene dos lecturas previas. Pero ni el Junior, ni el Senior tuvieron contacto con el cliente. No saben realmente de que trata el negocio. Ellos han hecho sólo su trabajo. Desconfíe de éstos contratos, seguro son confusos.-

Emotional Intelligence (EQ) plays a crucial role in contract negotiation. You can create mutually beneficial contracts by combining EQ skills with a deep understanding of the other party's context (needs, interests, and values), thus increasing the likelihood of a win-win contract that satisfies both parties. Key EQ skills to employ: 1. Empathy: Put yourself in the other party's shoes to understand their perspective. 2. Listening actively: Pay attention to their concerns and ask clarifying questions. 3. Self-awareness: Recognize your own biases and emotions to remain objective. 4. Social skills: Build rapport and trust to foster a collaborative environment. 5. Conflict resolution: Address potential issues and find creative solutions.

"Post-Contract Review and Maintenance" is one of the parameter which we should make sure once the contract is in process - 1- Keep Records: A) Keep a copy of the signed contract and any related documents or communications for your records. B) Use these records to track and monitor the progress and performance of the contract. 2- Contract Updates and Revisions: A) Keep the contract updated and revised if there are any changes or modifications to the agreement. B) Notify and obtain consent from the other party for any changes or revisions

Los contratos son compendios de voluntades que han tenidos o tienen personas humanas o jurídicas. No es un tratado de derecho ni el compendio de la jurisprudencia de casos similares al caso específico. Debe contener todos los pasos del negocio, uno a uno, y detallado todas las alternativas antes el cumplimiento e incumplimiento; debe ser de simple lectura y en lenguaje llano y claro, debe poder entenderlo claramente las partes involucradas (que conocen que han negociado) y poder ser entendido por alguien que no conoce a las partes ni al negocio (el Tribunal, por ejemplo); per aún más. Debe redactarse en forma que incluso la persona mas sencilla pueda comprender que se trata.