vidhikarya

The Contract Nobody Reads Until There Is a Problem A business owner once described a contract dispute in a way that was difficult to forget. "We signed the agreement in twenty minutes and argued about it for six months." Nothing dramatic had happened. There was no fraud, no hostile takeover, no courtroom scene that belonged in a television series. The disagreement was about work that one side believed was included in the original deal and the other side believed was not. The strange part was that both sides seemed genuinely convinced they were right. That is often how commercial disputes begin, not with bad intentions, but with different expectations. People tend to think that contracts become important when a dispute starts. In reality, they become important much earlier. Most businesses simply do not notice it at the time. A contract sits quietly in a folder while projects move forward and payments arrive on schedule. Nobody pays much attention to it because ...

Contract drafting serves as an essential aspect that can help you build a solid foundation for your business relationships. Whether you have entered into a partnership or you are making a deal with another person or even a vendor, you need to draft a legal agreement which will serve as your protection against any future problems. While contract drafting is ruled by the Indian Contract Act of 1872, what you should pay attention to while drafting a contract is clarity.   Below are the basic steps you need to follow while drafting a proper agreement. Begin with the identification of the Parties Involved   All agreements start with the identification of the parties involved. These include:   ●        Names of the people/companies ●        Address and other contact information of the party   In case one of the parties is an incorporated firm, then provide additional information regarding the ...