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

What are the main characteristics of an erp system, Question (a) (i) W...

Question (a) (i) What are the main characteristics of an ERP system? (ii) List FIVE benefits and FIVE disadvantages of implementing an ERP system. (b) Assume you are

Understanding the highways and byways of subjects, The majority of the quer...

The majority of the queries/questions that LIS personnel will have to deal with are about subjects. An answer to such a query, in whatever form it may finally be presented to suit

Describe the term media literacy, It is one thing to understand the basic i...

It is one thing to understand the basic importance of being a media literate individual of knowing its basic elements and necessary skills. It is quite another to live a media lit

Loose assemblage, Loose assemblage is assembling together of two or more of...

Loose assemblage is assembling together of two or more of: subjects (basic or compound) isolate ideas (in one and the same facet, or isolate ideas in one and the same array)

What is customer relationship management, (a) What is customer relationship...

(a) What is customer relationship management? (b) What are the three main elements to consider when aligning your business towards a customer relationship format? (c) What a

Composition of solid waste, The composition of solid waste from a residenti...

The composition of solid waste from a residential community is as follows: Component Percent by weight Combustibles ---

Discuss crm vendors in brief, Question 1 Discuss the stages of CRM impleme...

Question 1 Discuss the stages of CRM implementation Question 2 Discuss CRM vendors in brief Question 3 The aim of BPR is to redesign and change the existing practices or

Quotation method and tender system - acquisition, Tender System: In th...

Tender System: In the tender system, each list of books selected is sent to a number of booksellers who are requested to quote their lowest price for each book. The orders are

Benefits of project quality management, Benefits of Project Quality Managem...

Benefits of Project Quality Management Let us now discuss the benefits of quality in project performance. C ustomer satisfaction: It is the result of a quality project

Describe the characteristics of a confined space, Question 1: (a) Des...

Question 1: (a) Describe the characteristics of a confined space. (b) By reference to entry into a confined space, describe briefly the factors that should be considered

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