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

Efficient library management, Efficient library management: These-func...

Efficient library management: These-functions are carried out by any reasonably efficient library. The emphasis the definition is on the provision of information as a major fu

Progress billings and payments, P rogress billings and payments: Pa...

P rogress billings and payments: Payment is the valuable control tool in  your  hands.  You  should  ensure  that  progress  payments  are determined objectively and design

Advantages of machine readable catalogue, Advantages The machine-reada...

Advantages The machine-readable catalogue performs, all the functions of a library catalogue with greater efficiency and speed than any other form. We shall spell out theseadva

What are the major characteristics of adult learners, QUESTION 1 Motiva...

QUESTION 1 Motivation is a vital condition of learning. Discuss the statement and suggest ways and means by which school learning can be effectively motivated QUESTION 2

Explain different parts and functions of a sewing machine, Question 1 Expl...

Question 1 Explain different parts and functions of a sewing machine Question 2 Explain types of pattern along with advantage of paper patterns Question 3 Explain any 1

Ordinal numbers - library classification, Ordinal Numbers: These are ...

Ordinal Numbers: These are used not for the purpose of counting but ordering and mechanising the arrangement of things. For example, participants in a conference can be liste

What do you mean by incoterms, Question 1 Discuss the features of inter...

Question 1 Discuss the features of international business environment. Why is it necessary to closely analyse the international environment? Question 2 What is the role

Scope of materials handling, Scope of Materials Handling Materials han...

Scope of Materials Handling Materials handling is spread over to many different industries and fields of engineering. The followings table gives its broad application.

Value chain, For our project we have to describe a value chain for an airpo...

For our project we have to describe a value chain for an airport. Could you help me with what I need to describe at all the primary procesess.

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