A legal contract/agreement is not a mere piece of paper signed between the parties but a mean of protection of the business entity's legal rights.
An agreement also governs responsibilities, conditions, terms, time frames, monetary issues, etc, so that every clause of the agreement is properly sealed; failing to execute an agreement may result in substantial unforeseen losses.
A legal contract/agreement shall include the following key matters (among others):
Every agreement has to be drafted with caution - stereotype drafting may lead to fatal results.
Hence, all the following agreements have to be drafted in terms of specific requirements and nature of the agreement. The most common contracts/agreements include:
Juslaws & Consult, being a full-service law firm, advises you to draft every legal agreement by considering each and every aspecs of law, rights, scope, liabilities & remedies at least to the extent that the agreement is not stereotypic or extremely vague.
It is also important to understand that no business entity can afford to face endless litigation proceedings; hence, it is always advised to opt for an arbitration agreement. Therefore, it has to be ensured that there is an inbuilt provision of arbitration in each and every agreement.
In legal context, "vetting" means making a careful and critical examination of documents to be executed in terms of law. Legal vetting of contracts is performed through a thorough due diligence of clauses of the agreement and also intends to ensure the following: all safeguards are taken, specific role is defined, monetary security and legal remedies are well defined, the agreement itself is precise and clear. A badly drafted agreement will not only result in confusion when it comes to interpretation but may also result in losing your stand due to a loophole created by usage of wrong wording.
Any agreement has to be read, understood and thoroughly. Therefore, it is always advised to go for a legal vetting of your agreement/contract in order to save unforeseen losses which could have been averred if a proper action of legal vetting by a law firm had been executed in time.
"Copypastes" or stereotype legal agreements/contracts may lead to financial suicide; hence, a legal expert has to be approached to make a proper legal agreement and perform a legal vetting of documents as well.