Do Your Business Contracts Need a Spring Cleaning?

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The spring is a good time to thoroughly “clean” your New York or New Jersey business. From the perspective of a business attorney, that doesn’t just mean dusting off your keyboard, but rather evaluating your contracts, business plans, and procedures to see if they need to be updated or otherwise revised.

While every business is different, below are a few areas on which you should focus:

Your contracts: It is a good idea to review your contracts at least once a year to determine the status of ongoing projects and prepare for any upcoming contract renewals or pre-termination notice requirements. For many businesses, this may mean locating the agreements in the first place. According to a report in the Journal of Contract Management, 71 percent of companies couldn’t find at least 10 percent of their contracts. Misplaced and outdated contracts can lead to serious legal concerns.

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