DO YOU HAVE A CONTRACT CHECKLIST?

Most companies enter into contracts on a regular basis for, inter alia, service level agreements, property or equipment leases, advertising agreements, production agreements etc. 

Introduction

Most companies enter into contracts on a regular basis for, inter alia, service level agreements, property or equipment leases, advertising agreements, production agreements etc.  Some of these contracts are simple and easily understandable while others are completely incomprehensible.  As a result, it is very easy for a party to glance over a contract without understanding what their obligated to do.  It is therefore important to ensure that whether you are entering into a simple contract or a complex contract, that you completely understand the terms and conditions contained therein.  Below, you will find a simple contract checklist which provides a list of general provisions which you should consider each time you enter into a contract with a party.

Checklist

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Conclusion

The foregoing is a general list of clauses that you should consider when entering into a contract.  The type of transaction will usually dictate the actual terms required to finalise a contract.  Should you take the time to thoroughly review and negotiate each clause in a contract before it signs, it will be better protected in the long run.  In the event that you are unsure of any contract or even a particular clause in such contract, you may approach an attorney to further elaborate on the clause in order to protect your best interests.

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