In legal parlance, an agreement that is written and attested legally, stating the terms and conditions that commit to a particular product or service term is called a contract. Though this is a broad definition, contracts usually come forth for purposes like employment, sales, service agreement and such. These contracts have one simple purpose. They can be legally enforceable by law and serve as the reference points for future.
What is a legal contract?
The business world is a challenging environment. Not all agreements can be word of mouth, and it is a necessity to have a written, legally drafted contract that binds all the parties concerned into following the terms and conditions, failing which legal action can be taken against the defaulter. Contracts are usually very flexible when they are drawn up, with both parties having a say in what goes into it before they agree to sign on it. These are usually just the written versions of what has already been decided beforehand.
Legal contracts are those that are drafted by proper practicing lawyers and conform to the legal requirements of the state, using the correct terms that are not ambiguous or have loopholes. Contracts need to be drafted properly by someone who knows the legal terms and could avoid the confusion that will ensue in case of a confusion in the contract or the way it is worded.
Why is drafting a legal contract necessary?
While business is mostly about goodwill, trust and genuineness, the ultimate aim is to earn profits for the products and services provided. The legal contracts that bind business would have to be specific. Any ambiguity that arises might be a blind spot if there is a legal hassle at some point featuring the contract. Having a properly worded contract can prevent unnecessary loss and confusions when it is being put under the toughest scrutiny.
Preparing (or drafting) a legal contract is a process that happens when an attorney from a firm like Garfield Logan Law takes the requirements at the basic level from the client, ensures that there are no issues or confusions in them and drafts them in proper legal terms. This process is also important to begin the term of the business agreement legally.
What are some kinds of contracts that can be drafted legally?
When we say contracts, it encompasses a wide variety of legal agreements including those for employment (that details the salary and term bonds), leases (that would detail the period of stay and the amount to be settled from both ends), consultant detailing, distributor contracts and such. There are also non-disclosure agreements that are drafted in the case of a need arising to maintain confidentiality. Privacy policies, insurance claims, partnership agreements, ecommerce and website design agreements, website terms and conditions and everything that is legally binding and applicable at the court of law is a contract.
Contract management
If a contract has already been drafted but requires changes or has become obsolete, the legal firm can review the terms and conditions of the contract and update them as per the renewed requirements after consent from all parties involved. This process is contract management.
There are many legal firms that excel in contract drafting and management.
No comments:
Post a Comment