Let’s assume you have received a draft contract for a particular transaction you are interested in doing. How should you read it? What should you look for and what should you leave for your lawyer? If you have outside general counsel on retainer, you could immediately share your agreement with your outside general counsel. The retainer would cover that service so there is no reason not to have your outside general counsel immediately involved. If you don’t have an attorney on retainer, what should you leave for your lawyer? Does the contract contain definitions? Does the contract clearly state what you will do and what the other party will do? Are the dollar amounts correct? Does the contract contain conditions? Does the contract provide remedies? Does the person who actually signed the contract have the authority to do so?
Do not assume that if something is not in the written contract it is still understood just because it was discussed. “Standard” contracts rarely exist.