Contract review is a crucial step in the process of getting any business deal done. It's important to have a contract review template that helps you properly analyze and review contracts quickly and accurately.
ClickUp's Contract Review Template helps you stay on top of all your contracts by providing:
- A fast, organized way to store and review contracts online
- A visual overview of key clauses for quick comparison
- Tools to track the status of each contract and follow-up tasks
With ClickUp's Contract Review Template, you can rest assured that no detail will slip through the cracks. Get ready to streamline your contract review process!
Benefits of a Contract Review Template
A good contract review template can help your business succeed by:
- Ensuring contracts are legally sound and compliant with relevant regulations
- Enabling you to quickly identify and address potential issues
- Providing a consistent process for evaluating all contracts
- Helping to protect your business interests and minimize potential risks
Main Elements of a Contract Review Template
ClickUp's Contract Review Template is designed to help you keep track of the review process of contracts. This List template includes:
- Custom Statuses: Set 8 different custom statuses such as Client Review, Complete, Draft, Execution, and Internal Review to keep track of the progress of each step in the review process
- Custom Fields: Categorize and add 16 different custom attributes such as Contact Name, Indemnification, Contact Phone Number, Liability, and Business Type to provide visibility to your team and other stakeholders
- Custom Views: Open 5 different views in different ClickUp configurations, such as the Getting Started Guide, Contract Review Process, All Contracts, Project Management Contract, and Client Reviews, so that all the information is easy to access and organized
- Project Management: Improve contract review tracking with comment reactions, dependency warnings, automations, AI, and more
How to Use a Contract Review Template
Before signing a contract, it is important to thoroughly review the document. This can be a daunting task, but it is essential to ensure that all parties agree to the terms and conditions of the agreement. Follow these steps to make sure you don’t overlook any important details:
1. Highlight key elements
Start by highlighting the most important sections of the contract. This includes any clauses that are unique to the agreement, like payment terms or deadlines, as well as any areas of potential conflict.
Use Board view in ClickUp to make an interactive visual of the key elements in your contract.
2. Take notes on each clause
Carefully read through each clause of the contract and make notes about any potential pitfalls or areas of concern. Take your time and ask questions if you need clarification.
Create tasks in ClickUp to document your notes and questions about each clause.
3. Consult with legal professionals
If you’re unfamiliar with the legal language of the contract, it can be beneficial to consult with an attorney or other legal professionals to make sure you understand the implications of each clause.
Create a Milestone in ClickUp to keep track of when your legal consultation is due.
4. Send the contract for review
Once you’ve finished your review, send the contract back to the other party for their review and approval. Make sure to include any notes or clarifications that were discussed during the consultation.
Send the contract out for review with Email in ClickUp.
Get Started with ClickUp's Contract Review Template
Legal professionals can use this Contract Review Template to help everyone stay on the same page when it comes to reviewing and approving contracts.
First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.
Next, invite relevant members or guests to your Workspace to start collaborating.
Now you can take advantage of the full potential of this template to review contracts:
- Use the Getting Started Guide View to quickly get up to speed on the contract review process
- The Contract Review Process View will help you understand the different steps of the process and how they interact with each other
- The All Contracts View will give you a space to store and organize all of your contracts
- The Project Management Contract View will help you keep track of progress on different projects
- The Client Reviews View will give you a space to store and review feedback from clients
- Organize tasks into eight different statuses: Client Review, Complete, Draft, Execution, Internal Review, to keep track of progress
- Update statuses as you progress through tasks to keep stakeholders informed of progress
- Monitor and analyze tasks to ensure maximum productivity