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Identify the purpose and audience
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2
Use a standard template
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3
Use clear and concise language
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4
Review and revise your summary
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Here’s what else to consider
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Contract summaries are essential tools for contract management, as they provide a concise and clear overview of the key terms, obligations, and risks of a contract. However, writing an effective contract summary can be challenging, especially if you have to deal with complex, lengthy, or ambiguous contracts. In this article, we will share some best practices for formatting and organizing a contract summary that will help you save time, avoid errors, and communicate better with your stakeholders.
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1 Identify the purpose and audience
Before you start writing a contract summary, you need to identify the purpose and audience of your document. Why are you summarizing the contract? Who will read it and what do they need to know? Depending on your answers, you may need to adjust the level of detail, the tone, and the format of your summary. For example, if you are writing a contract summary for internal use, you may want to focus on the operational and financial aspects of the contract, and use a simple and informal language. If you are writing a contract summary for external use, you may want to highlight the legal and contractual implications of the contract, and use a more formal and precise language.
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2 Use a standard template
Using a standard template for your contract summaries can help you ensure consistency, accuracy, and completeness of your documents, as well as make it easier for readers to find and understand the information they need. A typical contract summary template should include the contract title and date, a summary of scope and objectives, a summary of key terms and conditions, and a summary of risks and opportunities. The contract title and date should state the full name and date of the contract, as well as the names and addresses of the parties involved. The summary of scope and objectives should provide a brief overview of the main purpose, scope, and objectives of the contract, as well as the deliverables and milestones expected from each party. The summary of key terms and conditions should summarize the most important terms and conditions of the contract, such as the duration, payment, termination, liability, confidentiality, and dispute resolution clauses. Additionally, you should highlight any special or unusual clauses that may affect the performance or outcome of the contract. Lastly, the summary of risks and opportunities should identify and evaluate the potential risks and opportunities associated with the contract, such as the market, regulatory, operational, or reputational factors that may impact the contract. You should also suggest any mitigation or enhancement strategies that may help you manage or exploit those risks and opportunities.
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3 Use clear and concise language
A contract summary should simplify and clarify the complex and technical language of a contract. To do this, use clear and concise language that avoids jargon, acronyms, and ambiguity. Active voice, short sentences, and bullet points make the summary easier to read and understand. Additionally, define any terms or acronyms that may not be familiar to your audience, or use plain English equivalents. Consistently use simple terms to refer to the parties, the contract, and the documents involved, and avoid using synonyms or pronouns that may cause confusion. Additionally, use verbs and modifiers that accurately reflect the level of obligation, certainty, or possibility of the contract clauses, such as "must", "may", "shall", "will", "can", or "should". Finally, use headings, subheadings, and numbering to organize your summary and guide your readers through the main points.
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4 Review and revise your summary
Before you finalize and share your contract summary, you should review and revise it to ensure accuracy, completeness, and alignment with the original contract. Additionally, you should check for any errors, inconsistencies, or gaps that may affect its quality and credibility. To do this, compare your summary with the original contract and verify that all essential information and clauses have been captured and reflected. Additionally, check for any spelling, grammar, punctuation, or formatting errors and correct them accordingly. It is also beneficial to have someone else proofread your summary and provide feedback on its clarity, readability, and usefulness. Finally, make any necessary changes or improvements to your summary based on your own or others' feedback.
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5 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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