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Legal Audits (Vol 1, Pt 1)

Patrick Lim
Partner at Raj, Ong & Yudistra

Legal contract audits are important for companies to ensure that their contracts are in compliance with relevant laws and regulations and that they accurately reflect the terms of the agreement between the parties. These audits can help identify potential issues or gaps in the contracts, which can help the company mitigate risk and avoid disputes or legal challenges down the road.

In addition to ensuring compliance and accuracy, contract audits can also help a company identify opportunities to improve its contracting processes, negotiate more favorable terms, and streamline its operations. For example, an audit may reveal that the company is paying more than it needs to for certain goods or services, or that it has contracts in place that are no longer necessary or relevant.

Contract audits should be conducted on a regular basis, as business conditions and legal requirements can change over time. They can be performed in-house or by an external legal or consulting firm, depending on the size and complexity of the company’s contract portfolio.

Overall, legal contract audits are an important part of the day-to-day management and operation of any company, and can help the company minimize risk and maximize efficiency.

In the next few weeks, we will be looking at this in more detail, including specific instances where legal audits are crucial and the general process of conducting legal audits.

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