Contract Review
Risk Retention Services provides contract review services. We identify potential issues and provide possible solutions to either avoid or solve any problems identified within the contract.
The best time to seek advice on a contact is before it is signed. That is when the terms can still be easily modified. However, even after a contract has been signed, RRS services are still invaluable in assisting in the interpretation of contracts.
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- Insurance Policy Review. The most common area of RRS contract review is for insurance policies. It is the responsibility of your insurance agent/broker to review each policy to ensure that it contains the terms and conditions you requested. Often the broker does not even read the policy. Sometimes the policy is not even delivered by the insurer until months after the coverage is bound, and even then, the broker may just review the declarations. Even when thoroughly read, insurance policies are difficult to understand and frequently misinterpreted.
We review policies with you in mind. What coverage do you need? Does your policy cover your needs? Should you request a specially drafted endorsement or provision (yes, these are possible to negotiate and it is common). Are there exclusions that may be standard, but must be eliminated?
The absolute wrong time to conduct such a review is after a claim arises. By then, it is too late to fix the problem in the policy. But Risk Retention Services will review your policy to ensure that it meets your needs or, at least, that you are aware of potential issues that are contained within the policy.
- Vendor Agreements and Purchase Orders. Both buyers and sellers have used Risk Retention Services to review proposed Vendor Agreements and, where appropriate, to negotiate various terms of these agreements.
- Buy / Sell Agreements. The sale of a business can be complicated – or simple. In either case, you should ensure that an attorney in your state reviews the final drafts of everything before it is signed. However, RRS has experience and personnel with the legal and accounting expertise to ensure that the Buy-Sell Agreement addresses concerns that you may have.
