Initial Consultation for Business Contract Review
A small business owner schedules an initial meeting with a corporate lawyer to review a draft partnership agreement and discuss potential risks and clauses before signing.
Dialogue
Listen and follow along with the conversation
Vocabulary
Essential words and phrases from the dialogue
partnership
A partnership is a business agreement where two or more people work together to run a company and share profits and risks. In legal contexts, it's often formalized in a 'partnership agreement'. Use it when discussing business collaborations.
draft
A draft is an early version of a document, like a contract, that can be changed before it's final. For example, 'draft agreement' means the initial copy. It's useful in professional settings when preparing or reviewing documents.
clauses
Clauses are specific sections or conditions in a legal document, like a contract, that outline rules or rights. For instance, 'exit clauses' deal with leaving the agreement. This word is key in legal discussions to refer to parts of contracts.
contingencies
Contingencies are unexpected events or situations that might happen, like problems in a business. In contracts, they cover 'what if' scenarios. Use this when talking about planning for risks in agreements.
meticulously
Meticulously means doing something very carefully and thoroughly, paying attention to every detail. For example, reviewing a document meticulously ensures nothing is missed. It's a formal word for professional or precise work.
intellectual property
Intellectual property refers to creations of the mind, like ideas, inventions, or app designs, that are protected by law. In business, it's important in agreements to specify who owns what. Use it in discussions about copyrights or patents.
turnaround time
Turnaround time is the amount of time it takes to complete a task or process, like reviewing a document. For example, 'usual turnaround time' means the typical duration. It's practical for asking about deadlines in services.
engagement letter
An engagement letter is a formal document from a professional, like a lawyer, outlining the services, fees, and terms of the agreement to work together. It's used at the start of legal consultations to set expectations.
Key Sentences
Important phrases to remember and practice
I understand you're looking for a review of a partnership agreement?
This sentence is a polite way to confirm understanding at the start of a meeting. It uses a question tag ('?') for confirmation, which is useful in professional consultations to show you're listening. Grammar point: Present continuous ('you're looking') for ongoing actions. Use it when summarizing someone's request.
We want to ensure everything is in order before we sign it.
This expresses caution in business decisions, meaning to make sure all details are correct. 'In order' is an idiom for 'properly arranged'. It's useful for negotiations or reviews. Grammar: Subjunctive 'is' after 'ensure' for certainty. Use before committing to contracts.
Could you walk me through the key objectives of this partnership?
This is a polite request for explanation, using 'walk me through' idiomatically to mean 'explain step by step'. It's common in meetings to gather information. Grammar: Modal 'could' for polite requests. Use it when needing details in professional discussions.
We want to make sure it's fair to both parties and covers contingencies.
This highlights equality and risk coverage in agreements. 'Make sure' means 'ensure', and 'both parties' refers to involved sides. Useful for contract talks. Grammar: Present simple for general wants. Use when emphasizing balance in business deals.
I'll need to go through the draft meticulously.
This means to examine something carefully. 'Go through' is a phrasal verb for reviewing. It's professional for describing thorough work. Grammar: Future 'I'll need' for planned actions. Use when outlining your process in consultations.
What's your usual turnaround time for this kind of review?
This asks about expected completion time politely. 'What's your' is a contraction for 'What is your'. Useful for service inquiries. Grammar: Possessive 'your' and present simple for habits. Use when scheduling professional tasks.
That sounds perfectly reasonable.
This agrees politely with a proposal, meaning it makes sense. 'Perfectly reasonable' softens agreement. Common in negotiations. Grammar: Present simple for opinions. Use to show acceptance without strong commitment.