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Ten Tips for Making Water Tight Business Agreements and Contracts Introduction-State the planned Business back ground information in
under 10 lines. Quantifiable and measurable details are required. Provide the information briefly, after following each of the 10 steps identfied above Conclusion-State your expected monthly and annual outcome or requirements. This could be net profit / production units/ total sales SEND EMAIL for an Appointment with one of our attorneys.
Follow this guide to make an enforceable, simple-English business agreement or contract.
1. Get it in writing. Oral agreements are legal and binding in many situations, although they are often difficult to enforce in court. Most business agreements should be in writing even if the law doesn't require it. A written agreement is a document that clearly spells out each party's rights and obligations which avoids confusion or disagreement.
2. Keep it simple. Use simple language to make a contract enforceable. Create short, clear sentences with simple, numbered paragraph headings that informs the reader to what's in the paragraph.
3. Deal with the right person. Don't waste time negotiating a business agreement with a junior person who has to okay everything with the boss. If you sense that this is happening, politely but firmly request to be put in touch with the person in charge. Make sure the person you negotiate with has the authority to bind the business and has a vested interest in making sure the business performs its obligations under the agreement. If you're not sure who that is, ask. In a smaller business, it might be one of the owners; in a larger organization it might be a chief executive officer or chief operating officer.
4. Identify each party correctly. State the correct legal names of the parties to the contract so it's clear who is responsible for performing the obligations under the agreement (and who you have legal rights against if things go wrong). A business may be a close corporation, a Public (name ends in “Ltd”) or private (“Pty Ltd”) company,Personal Liability Company (“Inc”), Partnership, Business trust,Sole proprietorship or an external company (branch of a foreign company), identify it by its correct legal name --including the Inc. or LLC suffix -- not by the names of the people who are signing the agreement for the business.
5. State all of the details. The body of the agreement should state all the rights and obligations of each party in detail. If you agreed to something but it is not in the contarct, it will not be possible to enforce. In law what is on paper is what matters in court, what was said and is not in the contract does not carry any weight in court. You can add hand written points that you may have forgotten If parties initial the change, it becomes part of the contract or you can add an amendment to the contract.
6. Specify payment obligations. Be specific about who pays whom and when the payments must be made, and the conditions for making payments. Money is always a difficult issue to deal with. If payments are to be in installments or only when work is completed to your satisfaction, say so and list dates, times, and requirements. State the method of payment as well.
7. Agree on circumstances that terminate the contract. State the circumstances under which the parties can terminate the contract. A party should have the right to terminate the contract without being legally liable for breaching the agreement if there is a valid reason/s.
8. Agree to resolve disputes. Your agreement should state what you and the other party will do if concerns arise or something goes wrong. State how you will handle your dispute through arbitration or mediation instead of going to court.
9. State which law will govern the contract. State the jurisdiction which will apply to the contract to avoid sticky legal wrangling later. You can state where you will mediate, arbitrate, or bring legal actions under the contract when a dispute arises.
10. Keep it confidential. Business will become privy to sensitive business information when you work with other companies. The agreement should state that each party will keep strictly confidential any business information it gathers while performing the contract.
Select an online Template that suits your business.
Introduction-State the planned Business back ground information in under 10 lines. Quantifiable and measurable details are required.
Provide the information briefly, after following each of the 10 steps identfied above
Conclusion-State your expected monthly and annual outcome or requirements. This could be net profit / production units/ total salesMobile 083 776 8584
SEND EMAIL for an Appointment with one of our attorneys.