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| Essentials of a good contract |
There are certain things that will happen for sure in everyone’s lifetime. One such occurrence is the fact that each one of us is bound to enter into a legal contract - -a legally binding agreement between two parties undertaken to get an act done or meet an obligation such that both the parties benefit from it. It is legally binding so as to help the two parties getting into the contract have a sense of trust and also the backing up of an established legal protection in case either of the two parties do not meet the conditions laid out in the contract.
Think of any of the transactions you are about to get into with respect to your business and it is likely that you would get into a contract. This is a very good, professional and careful step on everyone’s part such that dirty games and accounts of cheating, fraud etc are best avoided.
So what are the essentials or a good contract? If you ever had to write one yourself, you might perhaps do well to keep the following in mind:
1. A Clear Offer: We all know that for a contract to be valid there ought to be an offer in the first place. But we are talking about good contracts, remember? Well, we need to have a very clear and well-defined offer if the contract has to be classified as a remotely good one. A vague offer would only make it difficult, especially if there is a breach in the contract. Hence, ensure that the offer is clear, sharp and legible.
2. A negotiation and mutual acceptance: A coerced agreement or a forced contract isn’t a contract at all – it is coercion. Every good contract usually has a negotiation involved before the above mentioned offer is accepted. The negotiation can be a short one taking perhaps a few hours or it could very well take days, months or even years. Nonetheless, without negotiation, it never makes a good contract.
3. An acceptance: Legally speaking, a contract isn’t even an agreement if the other part doesn’t accept the terms and conditions laid out herein. But then, a heartfelt acceptance beneficial to both the parties would make for a remarkable well –executed and well-drafted contract.
4. Bail out triggers: A superb contract also has inbuilt safety mechanisms to save both the parties from being engulfed in the enormity of the responsibility of the legally binding agreement. A good contract must have clauses that can help either of the parties to call of the agreement when any one or a couple of conditions are breached or even if things aren’t working out as they were envisioned at the time of signing up.
5. No long term contract is ever a good one: No matter what happens and no matter what others might lead you to believe please do note that it is best if the contract is honored for a short span of time. The best agreeable time is usually from 6 months to 3 years. Things change rapidly and you would literally find yourself trapped if your contract isn’t flexible enough to adapt to this change.
It isn’t really that scary to get into a contract at all. In fact, we do get into them all the time. The job offers, the business deals and all those other transactions that we mindlessly walk into are all contracts of some form or the other. However, getting into good contracts always ensures smooth transactions, business relations and saves you from the ugly (sometimes legal) ramifications of contracts that went haywire.
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