Legal Audits (Vol 1, Pt 2)

Patrick Lim
Partner at Raj, Ong & Yudistra

As promised in our previous article, the follow are several specific instances where legal contract audits are particularly crucial:

Mergers and acquisitions

In the process of merging with or acquiring another company, it is important to conduct a thorough contract audit to identify any potential issues or liabilities that may arise.

Changes in laws or regulations

If there are changes to the laws or regulations that apply to a company’s contracts, it is important to conduct an audit to ensure that the contracts are still in compliance.

Termination or expiration of contracts

When a contract is set to expire or is being terminated, it is important to conduct an audit to ensure that all necessary steps have been taken and that the contract has been properly terminated.

Changes in business operations

If a company is making significant changes to its business operations, such as expanding into new markets or introducing new products or services, it is important to conduct an audit to ensure that its contracts are aligned with these changes.

Disputes or litigation

If a company is involved in a dispute or litigation, it is important to conduct an audit to identify any issues or weaknesses in the relevant contracts that may impact the outcome.

Overall, legal contract audits are an important tool for companies to manage risk and ensure compliance with laws and regulations. They can help a company identify potential issues or opportunities, and take appropriate action to address them.

In our next article, we will be exploring the general process of legal contract audits.

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