A contract seals the terms and conditions of the business that is being entered into by the parties. It must include the core discussion points and the legal points necessary to make the business deal valid.
Contracts are legally binding agreements and should include the following for it to be binding in nature:
Offer and Acceptance :
An offer must be made by one party and accepted by another in the initial clauses of the contract
No contract is valid where the monetary or other related consideration is not involved in the key terms and conditions of the contract. Remuneration is one part that should be very carefully drafted in the contracts and should be done by experts.
The parties entering into the contract should be major and of sound mind at the time of entering into the contract.
There should be no clause in the contract which interferes or is in contradiction with the law of the land and all such rules governing the nature of the contract. Hence verification from a lawyer regarding the same is essential.
Basics of Commercial Contracts:
A standard draft of the business agreement includes:
Relationship of the Parties, the Obligation clause, Representations & Warranties, Indemnifications, Limitations on Liability, Term and Termination, Confidentiality, Entire Agreement, Notices, Force Majeure, No Third-Party Beneficiaries ( subject to the nature of the contract), Severability, Assignment, Dispute Resolution Terms, survival and Remedies clause and others which vary from one agreement to another.
WHY IS A REVIEW OF THE DRAFT NECESSARY?
Provides a roadmap for the concerned business which defines the scope of work and clarifies the objective
The clauses in the agreement should ensure the validity of the contract hence giving it a legal validity stamp.
It helps as in case of any breach, the same can be challenged and settled through the means provided in the
contract. The mode should be carefully chosen under expert guidance for smooth running of businesses.
The language used in commercial contracts plays a pivotal role in determining the meaning that is laid down.
Clarity of the same avoids multiple scope of interpretation of the terms laid therein.
Whom to approach?
Contract review services are generally provided by experienced lawyers who are specialists in the field. Sometimes these lawyers are involved in the process of negotiation so that the end contract can be well-drafted according to the objective of the parties entering into it.
This helps the business partners to secure the best deal possible within the rules and regulations surrounding their trade/business.
Our platform provides you end to end services from the moment you enter into a bargain with the other party, till the final execution of the deal occurs.
Get assistance in case any violation of the terms and conditions occurs. Also, verify if any contract that reaches you is in your favour or can be detrimental in the future and cause losses.