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 basic components of inventory, Question: (a) What are the ...

Question: (a) What are the basic components of inventory? (b) Name the steps for finding the optimum inventory. (c) What are the assumptions for the Economic Order Quanti

Explain the issue of performance management system, Question: (a) Expla...

Question: (a) Explain the issue of Performance Management System and its perceptions by the school organisations in Mauritius. (b) How will the Educational Administration an

Arrangement of documents in libraries, Arrangement of Documents in Librarie...

Arrangement of Documents in Libraries: Until the end of the 19th century library collections were small in size. Not as many subject fields had developed as one notice now, an

Explain the six basic stages of tqm, Question 1 Write short notes on the Q...

Question 1 Write short notes on the Quality planning an element of Quality management Question 2 What are the steps to the Fade QI model? Question 3 Quality costs are th

Describe the approaches used to screen projects, Question 1 Describe the s...

Question 1 Describe the strategy planning tools of Ansoff matrix and BCG matrix Question 2 Describe the approaches used to screen projects Question 3 Explain any 3 par

Physiological measurement, Physiological measurement: Physiological M...

Physiological measurement: Physiological Measurement can be  classified as In Vivo  and In Vitro. In -Vivo includes measurements of those which are performed  directly withi

Selective dissemination of information (sdi), Selective Dissemination of In...

Selective Dissemination of Information (SDI): The SDI is a type of current awareness service, the objective of which is to keep users of the system informed of new development

Practice, P ractice Practice can be developed when the community keeps...

P ractice Practice can be developed when the community keeps continuous interactions with the domain. The members of the community of practices are the practitioners. They wil

Hacker, Hacker Hacker is one who delights in having an intimate underst...

Hacker Hacker is one who delights in having an intimate understanding of the Internet workings of a system or computers and computer networks in particular.

Purpose and scope - literature search, PURPOSE AND SCOPE - LITERATURE SEARC...

PURPOSE AND SCOPE - LITERATURE SEARCH: There are many  purposes for  reviewing the literature before  conducting a research study. The most  important one  is:  To  determi

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