This is going to be a series of posts on a much ignored aspect of contracts – Review. Of course these aspects are equally important, per context, even while drafting a Contract !
And all these usually comes into very sharp focus ONLY when there is a dispute, and then may cause a party millions of dollars !
Each post will just mention a maximum of TEN points.
So, by no means exhaustive, and in no order of priority, here is what you should look for:
- Object of the Contract : Is it clear and succinctly captured in the Title and elsewhere ( perhaps in the preamble ) ?
- Definitions : Comprehensive ? Properly capitalized all through in the contract ? Any undefined term in the Contract ? Is that acceptable to you ?
- Signatories : Are they clearly set out and do they have the requisite authorities from their principal ( company, for example ) ?
- Obligations of each party
- Guaranties, Warranties and Covenants of each party
- Liabilities of each party for breaches: Clearly set out ?
- Any aspects unique to your situation – such as Non Disclosure, Confidential Information, Non-Compete, Intellectual Property assignment etc. clearly brought out ?
- Term and Termination Clauses
- Arbitration: Generally a good clause to have
- Jurisdiction: Geographical and legal.
Comment in with more. And share your experiences – or examples of good/bad contracts you have come across.
For legal matters done right, a competent lawyer wins your fight !
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किसी भी प्रश्न और संपर्क के लिए कृपया यह पृष्ठ देखें।
