What is a key benefit of Open Contracts?

• A. They restrict modifications to covenants
• B. They remove standard conditions
• C. They simplify process and reduce costs
• D. They require longer time frames

Answer: (C)

Open contracts use standard, ready-made terms for common conveyancing situations. Because the main provisions are already drafted and tested, there’s less time spent negotiating bespoke terms for each transaction. This streamlines the checks, conditions, and covenants involved, so exchanges and completions can happen more quickly. With fewer drafting rounds and fewer back-and-forth iterations, solicitor time is reduced and costs fall for both sides. In short, the standardisation makes the process easier to manage and cheaper overall.