Contract Advisory & Risk Management
Contract Advisory & Risk Management
We review business contracts with an experienced eye. Our advice helps you manage, reduce or even eliminate risk.
Risks come in all shapes and sizes and cannot always be avoided. Your best approach – both personally and in business – is to understand your risks so you can make educated decisions to move forward.
Our contract advisory and risk management services are particularly focused on business-to-business transactions. If you are creating business terms or entering into a new business contract, we can provide a review to identify the main risks. We will discuss the level of risk you’re prepared to take and provide advice on how you can manage or avoid particular risks.
We can review or draft a section of the contract or the complete contract. Examples of contracts we can help with include credit terms, trading terms, supply contracts, and director guarantees, just to name a few.
Ultimately, whether you are a startup or an established business, investing in contract advisory and risk management services is equal to regular maintenance of your car. It’s not worth waiting until something goes wrong.
FAQs
When should I consult a lawyer about a contract?
People and businesses enter into contracts every day and everyone has a different tolerance to the risks which flow from contracts, so there is not one size that fits all. However, some good reasons to consult a lawyer include:
- The contract will go for a long time
- You have a lot of obligations under the contract
- You are worried about the performance of the contract by the other party
- A significant amount of money is involved
- There are a lot of risks with the contract
Will a contract review be expensive?
This depends on your legal problem; however, we are often able to tailor a scope of works which suits your budget and objectives. For example, a request to review an entire contract will likely be more expensive than a request to advise on one or two of the main issues that you are concerned about. Most lawyers will charge either an hourly rate or a fixed fee and should give you an estimate before you engage them. At Parisi Foley Law, we give you certainty before we start. Then we deliver as expected.
What is risk management?
Risk management at its simplest involves a combination of:
- Identifying risks
- Deciding on what risk tolerance should be adopted
- Taking steps to minimise risk
- Deciding on strategies to address certain risks if they arise
