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SNITS – a mnemonic to help identify contingencies to address in a contract

Yesterday I did a post about a three-step approach to identifying contingencies that might need to be covered in a contract. Step 1 is to subdivide the business relationship into some standard top-level categories. I’m not quite sure what this says, but I just realized that these categories lend themselves to a mnemonic, S N I T S:

  • Startup
  • Normal operations
  • Infrequent but standard operations
  • Trouble, in various shapes and sizes
  • Shutdown of the relationship — every business relationship comes to an end sometime

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