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

Test for the apt model on the stock exchange, QUESTION (i) Compare and ...

QUESTION (i) Compare and contrast the Capital Asset Pricing Model (CAPM) with that of the Arbitrage Pricing Theory (APT) (ii) Asset A has an expected return of 25% and the r

Selection tools - non-print materials, SELECTION TOOLS: NON-PRINT MATERIALS...

SELECTION TOOLS: NON-PRINT MATERIALS The production and distribution of non-print materials, is a recent development and therefore not as well organised as in the ease of prin

Social costs of msw management, Q. Does FCA acquire into account the enviro...

Q. Does FCA acquire into account the environmental, health, and social costs of msw management? Ans. No. FCA do not account for these types of expenses. Noise, for instanc

Six-sigma speciality, S ix-Sigma Speciality Six Sigma can be used for ...

S ix-Sigma Speciality Six Sigma can be used for both operational and strategic management. It is regarded as a new quality management strategy that has the ability to replace

Steps for direct contracting , Steps for direct contracting  Now that w...

Steps for direct contracting  Now that we are aware of the requirements for direct contracting, let us understand the steps involved in direct contracting:  1.  Invite short

Requirements of sustainability, Question 1: What are the important ste...

Question 1: What are the important steps a hotel could take in order to meet the environmental concerns of the country and the requirements of sustainability? Question 2:

Caselet, whom do you think rajender will eat with? Why?

whom do you think rajender will eat with? Why?

Library cooperation, LIBRARY COOPERATION   Libraries have many things i...

LIBRARY COOPERATION   Libraries have many things in common. The processes and practices in several libraries are similar. Even the problems of management and services are commo

Explain sources of solid waste within a community, Question: (a) List ...

Question: (a) List and explain five sources of solid waste within a community. You are required to provide examples of the types of solid waste generated from each source.

Cataloguing-in-publication, Cataloguing-in-Publication (CIP): Centrali...

Cataloguing-in-Publication (CIP): Centralised cataloguing led to the logical step of publishing bibliographic entries of documents in the publication itself, on the reverse si

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