“Review this agreement and provide me with your comments” is usually the first introduction that young business lawyers are given to the topic of reviewing contracts and the sum total of the training that they receive about how to do it. So off we go and comment on the scourge of typographical errors, the horror of undefined terms, the frightening absence of the word “reasonable,” and of course, unforgivably sloppy cross-references.
Actually, there are a multitude of more important things to think about when you are reviewing contracts. One of them is how long the agreement is going to last, and that actually depends on three things. These are: (i) term; (ii) termination rights; and (iii) renewal rights.