Business relations prone to be complicated keep them straight by writing them down.
What is Contract?
In the present competitive scenario, when everyone is craving for success and trying to be better than the other. No matter how well you know the person you are dealing with, it is suggested to get the deals in writing. Here the contract comes into the picture.
We often hear that the other party is a friend or trusted business person or a “real nice guy” and mostly the things run smoothly. In other cases, it takes just one misunderstanding to cause financial, time and emotional stress in the relation. Oral contracts are also enforceable but they often come with gray room and confusion about who said what and written contracts have more persuasive value. Even performance can create a contract. But a large number of litigation cases arise because of misunderstanding and mostly amongst families and friends. A written contract makes the parties more serious about their actions.
What is contract drafting?
The contract is an agreement in writing with a lawful object in which two or more parties enter willingly with free consent. It legally binds the parties to fulfill the terms and conditions of the contract. A contract clearly defines the obligations and rights of each party in every expected situation which might arise during the course of a contractual relationship. If a dispute is taken to court the process is extremely lengthy and time-consuming. It is also very expensive, but if you initially invest a little time in getting into a written contract it will help you in saving time and money in the long run.
Forms of Contract also include:
- Non Disclosure Agreement
- Employment contract
- Service level agreement
- End-User Agreement
- Development Agreement
- Joint Venture Agreement
- Service Level Agreement
Points to be included in a contract:
- Defining the terms used in the contract;
- Administrative provisions;
- Financial provisions;
- Provisions that allocate risk;
- The statement of work;
- Provisions relating to the dispute resolution;
- The provision in case of termination;
- Provisions on poaching;
- A provision on conflict of interest;
- Provisions that relate to rights and ownership of work product and Intellectual property.
Legal Contract Review:
We make special efforts during the whole lifetime of contract which starts form drafting, reviewing and support to management. We have an expert team of attorneys who have gained the trust of clients at international platform also.
Contract Review Services:
Contract review is the process of analyzing the clauses of contract with systematic explanation in detail.it is carried out to ensure that the condition which has been specified in the contract works in your best interests. It may be possible the original document may have contained a clause which is unfavorable or unnecessary.
Our special team review the voluminous contracts catering to different industry verticals such as:-
- Shipping and Logistics
- Real Estate
- Financial Services