Patrick Lim
Partner at Raj, Ong & Yudistra

As summarised in Part 3 of this series, the second step in the general procedure of running a legal contract audit is gathering the contracts.

The following is a detailed breakdown of step 2 in the process:

Gather the contracts

The first step in this process is to gather all of the contracts that have been selected for inclusion in the audit. This may involve retrieving physical copies of the contracts or accessing electronic copies stored in the company’s contract management system.

Organize the contracts

Once all of the contracts have been gathered, they should be organized in a way that makes them easy to review. This may involve creating a database or spreadsheet of the contracts, or simply organizing them in a physical file. It is important to ensure that the contracts are organized in a logical and consistent manner to facilitate the review process.

Review the contracts

Once the contracts are organized, they should be reviewed to identify any issues or opportunities. This may involve reviewing the terms and conditions of the contracts, as well as any relevant laws or regulations that apply. The review may be conducted by in-house legal staff or by an external legal or consulting firm, depending on the size and complexity of the company’s contract portfolio.

Overall, the second step in the process of conducting a legal contract audit is to gather and organize the contracts to be reviewed, and then review those contracts to identify any issues or opportunities. It is important to ensure that all relevant contracts are included in the audit and that they are organized in a way that makes them easy to review.

The next step that we will be looking at will be the actual review of the contracts and what to take into acount.