From the course: How to Read a Business Contract
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Considering what the other party wants in the contract
From the course: How to Read a Business Contract
Considering what the other party wants in the contract
- Knowing what the other side wants is equally important to shaping the way that you review a contract. Now, you may not know their entire EDA, that is what is essential, desirable, or acceptable, but you must know at a minimum the five Ws. Who, what, when, where, and why are they wanting to enter into contract with you? Knowing the other side's five WS enables you to look out for opportunities to optimize your contract. We tie all of this together a little later, so do watch this cause to the end. While knowing your five WS may assist you in understanding why the other party or parties want to enter into a contract with you, you need to have discussions with the other party or, indeed, their customers or suppliers. You may also be able to have access to industry forums and get valuable feedback on their key business drivers. So, for example, a third-party may be interested in working with your organization because you are a very large organization, or well known, and so look good in…
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