Contracts

Drafting an enforceable contract is not as difficult as it seems. Although it is nearly impossible to think of every issue that could arise, there are standard provisions that can protect you (or your business) from getting sued. A few easy steps can help minimize the potential problems with drafting a complete and enforceable contract.

Below are a few suggestions and provisions we recommend on including in your contract:

  1. Put your contract in Writing: I cannot stress this enough! Memorialize your agreement to avoid issues in the future. There is no good reason not to do so.
  2. Identify the Parties: Clearly set forth all the parties to the contract. What is your part? What is the other party’s part?
  3. Define what each party is required to do: Clearly set forth all the parties to the contract. What is your part? What is the other party’s part?
  4. Include all key terms: For a contract to be enforceable, it’s necessary to set forth all key and material terms. Ask yourself: “who, what, when, where and why” so to speak. This will avoid having the agreement deemed unenforceable.
  5. State the timing and performance: Set forth all of the material terms of the agreement; such as the timeframe of the agreement; what each party is expected to do; etc.
  6. Determine a dispute resolution method: If desired, set forth whether disputes should be arbitrated, mediated or resolved in court.
  7. Prevailing party clause: Decide if you want an attorney’s fee clause entitling the prevailing party to the dispute their attorney’s fees and costs.

For more information on contracts:

 

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