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How do you protect your contracts from external factors?

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Contract negotiation is a vital skill for any business, but it can also be challenging and complex. External factors, such as market changes, legal disputes, force majeure events, or unethical behavior, can affect the performance and validity of your contracts. How do you protect your contracts from external factors and ensure that they serve your best interests and goals? Here are some tips and strategies to help you.

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Sinisha Matikj

Contracts Manager @ GAC Group | MBA | CISCP, CISCM | Result-Oriented Dynamic Leader | Exceptional Negotiator |…
Michael A. Ferruggia, Esq.

Partner at Bruno, Gerbino, Soriano & Aitken, LLP
Jakob Plesner Mathiasen

1 Know your risks

Before you enter into any contract negotiation, you should identify and assess the potential risks that could affect your contract. These risks could be financial, operational, reputational, legal, or environmental. You should also consider the likelihood and impact of each risk, and how you can mitigate or avoid them. For example, you could use risk analysis tools, conduct due diligence, consult experts, or conduct market research.

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2 Use clear and precise language

One of the most common causes of contract disputes is ambiguous or vague language. To avoid misunderstandings and conflicts, you should use clear and precise language in your contracts. You should define the key terms, scope, deliverables, obligations, and expectations of each party. You should also avoid using jargon, acronyms, or technical terms without explanation. If possible, you should use plain English and avoid legalese.

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Michael A. Ferruggia, Esq.

Partner at Bruno, Gerbino, Soriano & Aitken, LLP
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In the world of contracts, precision is not merely a preference; it is a necessity. It ensures that all parties involved understand their rights, responsibilities, and obligations. A single word can change the entire landscape of an agreement. A party that "may" engage in certain conduct is positioned drastically different than one that "shall." In this example, one word bespeaks an option while the other imposes an affirmative obligation. Proofread, proofread, and proofread! Then step away and proofread with fresh eyes.

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3 Include contingency clauses

Contingency clauses are provisions that allow you to modify, suspend, or terminate your contract in case of unforeseen or unavoidable circumstances. These clauses can protect you from external factors that are beyond your control, such as natural disasters, wars, strikes, or pandemics. Some examples of contingency clauses are force majeure, termination for convenience, hardship, or change of law. You should make sure that your contingency clauses are specific, reasonable, and fair.

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4 Monitor and review your contracts

Once you have signed your contract, you should not just file it away and forget about it. You should monitor and review your contract regularly to ensure that it is still relevant, effective, and compliant. You should also communicate and collaborate with your contract partner to address any issues or changes that may arise. For example, you could use contract management software, conduct audits, or schedule meetings.

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Sinisha Matikj

Contracts Manager @ GAC Group | MBA | CISCP, CISCM | Result-Oriented Dynamic Leader | Exceptional Negotiator | Strategic Thinker | Business Optimization | Process Improvement | LinkedIn Top Voice | 3PL | Logistics
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One of the best ways to protect your contract from external partners is by ensuring it contains a strong confidentiality clause. Also, if necessary, non-disclosure agreements (NDAs) can be signed before sharing any details of the contract. This limits what the other party can disclose. A solid contract also has clear terms and conditions, a precise description of the services/products to be provided, and agreed dispute resolution processes. Regular audits and reviews are effective to track compliance with the contract terms. You may also consider using a lawyer or legal professional to assist in the drafting and review of your contracts to ensure maximum protection.

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Abhishek Sinha

Pre-Sales Commercial & Contracts' [Consultant] – Telecommunications [5G] & IT | Oil & Gas | Mining & Power
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To ironclad the Contracts from External factors, it’s recommended to have (carefully drafted/tailored): 1. NDA 2. Data Collection Rules/Process 3. Intellectual property 4. Change In Law 5. LOL & it’s Exclusions 6. Indemnification These are a Minimum & as per the Terms of Reference — there could be more.

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5 Seek legal advice

If you encounter any problems or disputes with your contract, you should seek legal advice as soon as possible. A lawyer can help you understand your rights and obligations, resolve conflicts, or enforce your contract. A lawyer can also help you prevent or minimize litigation, arbitration, or mediation costs. You should choose a lawyer who has experience and expertise in your industry and jurisdiction.

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Jakob Plesner Mathiasen
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In my experience, an aspect that is often overlooked is the choice of law clause in international agreements. Different jurisdictions can interpret the same provisions in the contract vastly differently, and in the worst case, this could potentially render some clauses invalid. If foreign law is chosen, you need to consult an expert in that jurisdiction to fully understand your rights and obligations.

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6 Learn from your experience

Finally, you should learn from your contract negotiation experience and use it to improve your future contracts. You should evaluate your contract performance, outcomes, and feedback. You should also identify your strengths and weaknesses, and what you can do better next time. For example, you could use feedback surveys, debrief sessions, or lessons learned reports.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you protect your contracts from external factors?

1

2

3

4

5

6

7

1 Know your risks

2 Use clear and precise language

3 Include contingency clauses

4 Monitor and review your contracts

5 Seek legal advice

6 Learn from your experience

7 Here’s what else to consider

Contract Negotiation

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How do you protect your contracts from external factors?

1

2

3

4

5

6

7

1 Know your risks

2 Use clear and precise language

3 Include contingency clauses

4 Monitor and review your contracts

5 Seek legal advice

6 Learn from your experience

7 Here’s what else to consider

Contract Negotiation

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