Writing a contract , Other Management

Assignment Help:

Writing a contract 

Most commonly used contracts are developed from earlier contracts that are subsequently modified to fit the situation in hand. Organisations  usually have a standardised template, which they mould as per the requirement.. Using standard forms or previous contract documents substantially reduces administrative effort or „reinventing the wheel? for much of the word content of your contract. Reference must be made only to those portions of the previous documents that are relevant to the current transaction. 

Firms have realised that the organisation which writes the first draft of a complex contract has the advantage of shaping the course of negotiations. While writing the drafts they can include clauses that suits them, and structure the deal in their favour. 

In contract for project works, the contract draft is prepared by the project owner and it is invariably adapted by the contractors. This is because the contractors? bids are received against a bid (tender) document, which is issued to them by the project owner for bidding. Project contracts are of the following types: 

  •   Supply contract. 
  •   Installation contract. 
  •   Civil works contract. 
  •   Supply-cum-installation contract.  

The project firms have developed different standard templates for each of these contract types. For supply of standard products, the supplier also has his own template of terms and conditions, which you may have to accept and agree mutually.  

"Boilerplate? is a term adopted by lawyers to describe parts of a contract that are "standard text". You need to consult a good business lawyer to prepare boilerplates. The standard text may seem less important, but can end up being tremendously important in the event of a dispute.  

Examples of key boilerplate terms are given here under: 

  •   The prevailing party in any dispute will be awarded its attorney fees. 
  •   The contract includes all representations, warranties and agreements of the parties (the integration clause). 
  •   Ambiguous language in the contract shall be interpreted as to its fair meaning, and not strictly for or against a party. 
  •   Disputes will be resolved by binding arbitration, not litigation. The clause will also state the rules and venue of arbitration. 
  •   Time is of the essence of the contract.  

Related Discussions:- Writing a contract

Discuss why systems are vulnerable, Question 1 Explain the role of informa...

Question 1 Explain the role of information in decision making Question 2 Explain how businesses can gain competitive advantage from managing information Question 3 Expla

What are the characteristics of an effective work team, You are the Managin...

You are the Managing Director of Sincerity Co. Ltd. Located in Mauritius, your company is involved in the manufacturing of technological products sold locally and some are exporte

Explain scope and goals of iso/ts 16949, Question 1 Explain the various pr...

Question 1 Explain the various principles of Quality Management Systems Question 2 Explain scope and goals of ISO/TS 16949 Question 3 Explain the procedures and benefits

Human resources development (hrd), HUMAN RESOURCES DEVELOPMENT (HRD) T...

HUMAN RESOURCES DEVELOPMENT (HRD) The effective participation and quality performance of human•beings in the various activities of an organisation result in an HRD process whi

News, News: Concise Oxford Dictionary defines News as "new or interesting...

News: Concise Oxford Dictionary defines News as "new or interesting information" or "fresh events reported'". In short, all that a newspaper contains is not news. Only episodic i

Transform the organisational resources, Question "Schools are open soc...

Question "Schools are open social systems with five important elements which are used to transform the organisational resources into educational outcomes" (a) Describe the

Explain an alternative model of change, Question: "According to Lewin, ...

Question: "According to Lewin, change underlies the modification of those forces that keep a system's behaviour stable" (a) Why do people in organisations at times prefer t

Explain the steps involved in strategic planning process, QUESTION 1 (a...

QUESTION 1 (a) Explain the steps involved in Strategic Planning Process. (b) Using the different components of a mission statement, write a model mission and vision statemen

Psychoanalysis, QUESTION 1 Briefly explain how the following schools of...

QUESTION 1 Briefly explain how the following schools of thought contributed to Psychology (a) Psychoanalysis (b) Behaviourism (c) Cognitive approach (d) Humanistic/

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd