Run a risk review of a contract for your side

Finance manager · Time: 25 min · Legal

Tools that fit this task

• ChatGPT $20/mo
• Claude $20/mo
• Gemini in Google Docs $14/mo
• Harvey price on request
• LegalFly price on request
• Spellbook Free

Prompt

Role: you are a corporate lawyer experienced in {{industry}}.
Context: I represent {{our side: buyer, seller, client, contractor}}. The contract is a {{contract type}} for {{term}}. Our playbook: {{three rules that are unacceptable or mandatory for us}}. The contract text is below with anonymized parties.
Task: identify the key legal and commercial risks for my side, rank them by severity and propose a rewording for each. List separately the terms the contract is missing. Cite a statute only when you can quote it word for word; where a provision is needed, write [PROVISION, verify].
Format: a table No. | contract clause | risk | possible consequence | proposed rewording | severity (high, medium, low). After the table, a list of missing terms and a five-sentence conclusion: sign, revise or walk away.
Contract:
{{contract text}}

Steps

1. Anonymize the contract: replace parties, amounts and details with placeholders, keep the subject and terms
2. Write down three rules of your playbook for this contract type, for example a liability cap, a claims period, termination terms
3. Give the assistant the contract with a prompt that clearly names your side and the playbook
4. Get a table of risks ranked by severity with a proposed rewording for each
5. Read every clause from the table in the original and discard false risks
6. Ask separately what the contract is missing: force majeure, confidentiality, a claims procedure
7. Prepare a disagreement protocol for the counterparty with your wording

How to check the result

Every risk in the table is tied to a contract clause, at least one missing term is found, and the text contains no unchecked reference to a legal provision

Pitfalls

• Without an explicit "I represent the buyer" the model gives a neutral analysis that protects nobody
• The model quotes legal provisions from memory: ask for a [PROVISION, verify] marker instead of quotes

Data that stays out of public AI tools

• Management reports with real names of divisions, products and clients: into a public service with codes and placeholder names
• Receivables and payables with counterparty names and amounts: a trade secret, replace them with codes
• Terms of loans, collateral and investor agreements: never into third-party services without a corporate agreement

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AI tools for finance managers · Prompt: Run a risk review of a contract for your side