From the course: How to Read a Business Contract

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What not to do when you get a contract

What not to do when you get a contract

From the course: How to Read a Business Contract

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What not to do when you get a contract

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- It's fantastic that you are here, because you want to know how to read a contract. But before we get started, you should get clear on what not to do with a contract. Don't agree to unrealistic timescales. One of my school teachers used to say, "More haste, less speed," as I ran down a hallway to get to class. I could walk quickly and get to my destination safely, avoiding a trip, or detention. The same goes for reviewing a contract. Yes, have urgency and prioritize the contract, but don't leave yourself exposed, because you run out of time. It may also be a red flag if you are required to sign a contract with little, or no time to review it. Don't assume that a contract will reflect what you have agreed in principle. If you rush to sign a contract without reviewing it because you've had great discussions with the other party and appear to be in mutual agreement, you may end up with a contract that doesn't serve your needs. And the deal you rate so highly becomes a thorn in your…

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