From the course: How to Read a Business Contract

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Finding the obligations within a contract

Finding the obligations within a contract

From the course: How to Read a Business Contract

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Finding the obligations within a contract

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- Now that you know why you have received a contract, what you want and what you don't want, you need a strategy to go about reading a contract. To save time, get a digital version of the contract, one that is searchable, so that you can search for keywords found in parts of the contract that may not be where you expect them to be. Certain words may have their first letter in uppercase. This indicates that they have been given a meaning specific to the contract. They are known as defined terms. For example, one party to the contract may be referred to as capital C Client and the other party as capital S Supplier. You find the actual definition of these defined terms, either in the definition section, or in the section they are first used. So for example, the parties to the contract are often defined at the start of the agreement. Also, whenever you see the words as set out in, or in accordance with, or pursuant to, treat those phrases like a compass. Whatever is at the end of each of…

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