To explore how local businesses can stay proactive and protected in 2026, Canmore-based lawyer Austin Ward sat down with Renée Gilead, a business lawyer at Field Law, to talk opportunities to assess and improve your business contracts this January.
Why is January a good time to review contracts?
A fresh calendar year is the perfect moment to reassess the agreements that keep your business running smoothly. Whether it’s updating standard form terms and conditions, reviewing lease renewal terms, or re-evaluating contractor relationships generally, starting the year with clarity sets the tone for the months ahead.
What kinds of contracts should Bow Valley businesses focus on first?
Look at your day-to-day essentials: service agreements, supplier contracts, commercial leases, and employment agreements. If your business relies on tourism or seasonal staffing, those contracts should take priority. Also consider whether any automatic or notice-based renewal or termination dates are coming up - you don’t want to miss a key deadline.
What are some common issues that get overlooked?
Vague payment terms, outdated dispute resolution clauses, and unclear termination provisions are all common culprits. If your business has grown or changed over the past year, your old contracts might not reflect your current operations or your risk tolerance.
Is it worth reviewing boilerplate clauses too?
Yes. Even the “standard” terms matter, especially clauses about liability, indemnification, and force majeure. These can be critical if there’s a supply chain disruption, event cancellation, or change in government regulation - real possibilities in the Bow Valley region.
What should businesses consider when dealing with long-term vendors or clients?
Strong relationships are valuable, but they don’t replace strong contracts. Regular check-ins on pricing, scope of work, and performance expectations protect both parties and help avoid misunderstandings. A written agreement that reflects your current understanding is worth the effort.
Are there risks to using templates or copying contracts from other businesses?
Absolutely. What works for a business in Calgary or Toronto might not suit the regulatory environment or realities of operating in Canmore or Banff. Contracts need to be tailored to the local context and your unique business model and risk tolerance.
How can legal counsel help?
A business lawyer can help you troubleshoot what about your contracts is no longer working for you, flag outdated clauses, help with negotiation strategy, and suggest practical updates that reduce your exposure. Even a quick review of your key contracts can highlight opportunities to simplify, strengthen, or streamline your terms.
