Page 9 - Business-10

of both companies should review the contract before it is finalized.

1. You are the supervisor in charge of a new deal. You are giving the personnel
in charge some tips on how to scrutinize and prepare the contract for the
deal. Discuss the points below. You may add more.

a. checking of the contract draft by the team in charge of the project
b. review of the contract by the company’s legal counsel

Sample answer:
I am glad to inform you that we have finally bagged the deal with Mega World Ven-
tures. We are now working on the contract for the said deal. This is where you figure
in the process. One of you will be tasked to check the contract draft. That person must
make sure that the process is clear and all our demands and concerns are addressed
in the contract. When this is done, the draft will be forwarded to our company legal
counsel who will also review the legal aspects of the deal. After the go signal is given
by the company lawyer, we then proceed to close the deal and sign the contract. Your
area head will ensure that this process is observed. Thanks for your time!

2. You are the manager of a project and you saw some possible loopholes in
the contract. You want the team to work on the loopholes while the contract
is still not finalized. Give the last-minute reminders below.

a. The team-in-charge should review the contract and offer revisions for the
loopholes
b. The lawyer should look at the legal repercussions of the revisions

Sample answer:
Thanks for your presence today. We are here to discuss how we can attend to some
loopholes we discovered in our deal with Generation Strong. We identified some
phrases that may possibly be misinterpreted if they are not rephrased. We have to
modify them to avoid any confusion in the future. I want you to look over these phras-
es and suggest some rephrased versions because you are the ones who are knowl-
edgeable in the field. I will have the company lawyer check your suggested reworded
versions. Our lawyer may also give other suggestions if he’s not happy with the ones
we will give. Thanks!

9