Integral Part of Business
It might sound cliche, but contracts are the engine that drives an organization. They stipulate which actions should or shouldn’t be done, and the obligations of parties that are legally bound by the contract. The main purpose of contracts is to formalize relationships, outline obligations, and indicate responsibilities for breaches for all parties. Properly managed, they maintain compliance, improve operational performance, and even help increase revenue. And, of course, they protect your organization.
What It’s All About
To manage contracts effectively, you need to know as much as you can about them: how to create a contract, how to write proposals and other documents, what makes contracts binding, and what makes them legally unenforceable. Knowing all this will help you improve how you manage and use contracts. This section includes:
- Essential contract elements
- Contract types
- How to write different types of contracts and agreements
- How to improve your contracts
- How to negotiate effectively
Properly created contracts will always serve as a reliable shield for your organization, but if they have mistakes or lack some elements, this can lead to not only breaches, but also considerable losses in time and money. Don’t worry though, as we’re gathering all the information you need to make contract management and drafting as easy for you as possible.
Mutual assent, adequate consideration, capacity, and legality.
An offer, acceptance, consideration, mutuality of obligation, competency and capacity.
A legal contract exists when one party makes an offer and the other party accepts it.
- Significance of contractual conditions
- Specific terms
- Conditions precedent
- Conditions subsequent
- Implied concurrent conditions of performance