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A contract is an essential part of the business since all kinds of business must deal with contracts, no matter its size or sectors. The black law dictionary has defined a contract as: “an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law”. Unfortunately, most people are not aware of the contract they signed due to the limited understanding of the law or lack of legal assistance from an expert. That’s why this article will inform you of all things that you need to know before sign a business contract.
First, before sign a contract, you should double-check is the general information about the parties and object of the contract. It would help if you assured no typo or miss-spell on the parties’ name or information about the object of the contract. Moreover, the description of the object must be complete and precise. We believe it is better to put everything in writing to prevent any misunderstanding with your clients or business associates.
Second, you may use a contract for various transactions, such as the sale of land or goods; or the provision of business services. For all kinds of purposes, there are technical terms that you need to understand. For example, if you want to sign sales and purchase agreement on the vessel, you will encounter technical terms related…