From the course: How to Read a Business Contract
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Knowing what you want from a contract
From the course: How to Read a Business Contract
Knowing what you want from a contract
- If you don't know where you're going, any road will take you there. Those are the lyrics from the song, "Any Road," written by the singer George Harrison. When reading a contract, it's important to know what you want. You are not reading the contract for entertainment value. A contract is the equivalent of a sweet wrapper, keeping the content safe and secure. The contract wrapper is made up of a few elements. At a minimum, you should know what I call the five W's. What is this about? Why is this needed? Where is it needed? Who is involved? When is it happening? For example, you may be reviewing a contract because you need to book an event space with a conference center near the main airport, but with access to green spaces for an employee away day in the summer for 500 people. You might say Enkim, but these aren't legal points and you would be right. However, these points will be encapsulated, wrapped up within the contract and you should know them. So whether you have had…
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