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Drafting a law contract is different from writing a law paper, it can have its own difficulties and challenges. But knowing how to draft one can prove to be an extremely useful skill. This is true even if you are a small business owner or the CEO of a fortune 500 company.
This guide is going to help you to be able to construct a contract that is going to provide you with the most benefits while also remaining defensible in the court of law. The knowledge can also help you in knowing which contracts are out to scam you. Whereas every contract differs based on the reason for the creation of a contract, this guide is going to provide you with a general outline of what goes in a law contract.
The Steps of a Draft
The Steps of a Draft Drafting a contract which is going to be effective and useful is going to take multiple steps. This guide will now outline the necessary steps:
1. The first and foremost thing that needs to be done is to see if all the participating companies are eligible to participate in the signing. If people are under stress, the influence of alcohol or of drugs, then, in any case, they are deemed unfit to participate. In some cases, it should be checked if the party is over the age of 18 as well as that could be a potential factor as well.
2. The consideration in the contract must also be determined. A consideration in legal terms is the exchange of some type of good or service or compensation without which the contract cannot be effective. The consideration must be written without any vagueness otherwise it will not hold.
3. Terms must be decided and stated clearly in the contract. The word ‘terms’ refers to what both parties will be gaining from the contract. There should be complete clarity in this, as any form of attempted deception will rule the contract to be null and void. Ideally, the terms should be written and not made orally. 4. If the contract that is being signed involves some sort of secret being exchanged or any type of information that is considered to be sensitive, then a confidentiality clause should be included in the contract as well. This will be a measure that ensures secrets remain secrets and if any party discloses the information, severe consequences will be given to them.
5. If there is a breach of contract for any reason, a dispute resolution should also be included. Such a clause dictates what actions to take if a party breaks their end of the deal. In specific, the clause can predetermine who is to pay legal fees, what sort of arbitration or litigation is to be used and in the case of litigation, what legal process should follow.
6. It would be in everyone’s best interest to include a termination of contract clause. The purpose of this clause is to prevent any party included in the contract randomly terminating the contract without any cause. Also useful would be to determine what to do in the event of a termination and what events would make termination of the contract valid.
7. Always make sure that your contract adheres to the law. If not then the contract will not be enforceable and you will most likely be deceived by some party in the contract.
8. All dates and signatures that need to be put on the contract should be put on the last page. Furthermore, every party in the contract should understand wholly what they are signing to and if they do not, legal counsel should be consulted in order for them to understand the contract.
9. Most times, one of the parties will draft the contract they deem best and then this contract will be offered to the other parties. If the contract is agreed to be fair and according to everyone’s wishes then it will be signed. If not, the party will make adjustments as they see fit and will propose the counter-contract to you.
10. If a counteroffer is made then it is up to the party the counter offer is being given to, to accept the contract. If they do not accept it, they can make adjustments and offer another counter. This is called contract negotiation and goes on until talks break down or a contract is accepted.
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