Drafting a contract:
In doing a business we need an agreement on both subject, duration and payment and to formalize the said agreement we need a contract while it is true that non- written contracts are enforceable and are viewed as valid it is also obvious that it is easier and more effective to hold a written and signed contract.
Still, drafting a contract which includes all that is necessity and exclude extra obligation is not an easy process obviously each party will try its best to secure more profit for himself and transfer as much responsibility as he can to other party and sometimes people sign a contract without really understanding what they are actually getting into and this will lead to future legal disputes.
To avoid such misfortunes we need to make sure that our start off in a business agreement is both legally bounding and serves to secure our interests.
In light of the above, before starting a business venture we strongly advice everyone to do the following:
- Never start a contract negotiation without a legal team
- Require help from a professional legal team in drafting a contract
By following these simple steps you can make sure that your business venture is more secure and you can successfully dodge a lot of legal and business traps along the way.
In the event that a contracted has been drafted can it be reviewed and assessed?
It is important to remember that before signing a contract it is only and offer so it can be both reviewed and assessed, it is not uncommon for business partners to exchange contract drafts to be reviewed by each other and while this procedure is not binding it could be your only chance of changing a clause or prevent a serious legal obligation so we strongly advice all parties to not take reviewing a contract draft lightly and to have a legal expert in reviewing a contract.
Contract drafting and reviewing is a professional procedure and requires expertise you can be a professional in conducting a business but make very serious but subtle mistakes in drafting and the result could cause legal or even penal liabilities for you, given all the above never draft and or review a contract without help from a professional legal help.