From time to time, you will receive a contract which needs to be reviewed.
If you don’t get it professionally reviewed, and you proceed to sign the contract, then you may put yourself in far greater risk than you can imagine.
We have seen clients lose more than US$100 million because they did not engage a Singapore lawyer to review the contract before it was signed.
Sad but true.
In fact, when it comes to contract review, one should not be penny wise and pound foolish.
You should not drive a car without a seat belt.
Similarly, you should not sign an important or significant contract without having it reviewed.
This is because when something goes wrong, you will have quite a bit of stress in trying to resolve the matter.
What should you look out for when reviewing the contract?
Here are some points to watch out for:
What if you go ahead and sign a contract without a contract review?
Initially, you will not feel anything.
This is because the deficiencies or defects of the contract will only be apparent when you need to rely on the contract – when you need to enforce the terms of the contract.
And most of the time, the problem surfaces many years later, after money has been transferred, the job has been done, the products have been sold, the assets have been transferred or the parties start to quarrel and disagree.
By that time, you would need to consult a litigation lawyer to advise you on the potential dispute which is brewing because of the latest developments.
The litigation lawyers would ask you for the contract. You go through your emails, find it and forward it to them.
The litigation lawyers will then need some time to review the contract (after it had been signed many years ago), to assess your rights and obligations, and to advise you on the strengths and weaknesses of your case.
They will cleverly point out the weak parts of the contract, the weakness of your current position, and that your chances of successfully winning the dispute would be essentially quite low.
It is only at that point when you would realise that you should have had your contract reviewed before you signed it.
Why were you so silly? What were you thinking back then when the contract had been presented to you for signing?
By then, it would be too late to change the contract.
You might lose your job. Or even a fortune.
You should live life with no regrets.
Engage us now to review your contract and safeguard your future.