The FICM Contract Review
Issue-specific Contract Review
An issue-specific contract review is the cheapest form of contract review, as the lawyer will just look over a specific issue you have questions on. If you’re on a tight budget, this is a good way to feel more confident before signing the agreement.
Some of the specific questions or provisions you might want to have a lawyer look at include:
- Will I own the rights to what’s being created?
- Does my intellectual property suffer from this contract?
- Does this non-compete covenant affect me at all?
- Will I still be able to work with other clients if I sign this contract?
- What does this non-solicitation clause mean in the scope of the agreement?
Basic Contract Review
One step up from an issue-specific contract review is a basic contract review. In this type of review, the attorney will look over the agreement on the surface level, answer any burning questions you have about the agreement, and note any areas in the contract that could use some attention.
Most basic contract reviews take place over the phone or through email, so they lack the personal touch you may want.
Basic Contract Review Plus Edits
If you’re seeking something a little more comprehensive, you might appreciate a basic contract review plus edits. Not only will the lawyer review the contract and make notes about problem areas, but they’ll also edit the contract to correct the issues. This is known as redlining a contract and can greatly speed up the entire process.
Contract Review Plus Negotiation
If you’re not confident handling your contract at all, this is the level of contract review you’ll need to choose. Basically, your lawyer will handle everything for you, including reviewing, editing, redlining, and negotiating the contract.
In serious contracts, negotiating can be difficult, as emotions can get heated between you and the other party. You might just keep going back and forth with neither side giving way. A lawyer can come into this situation as an uninvolved third party so you can finally make some progress with negotiations.