Contracts are the foundation of a business. Learn how to write a good clear contract that secures satisfaction and improves your business relationships.Read More
Tips for the good contracts include:
Clarify if a contract holds any value before deciding whether to create it. There is no need for it if it does not secure any gains or protect against a loss. A rule of thumb is that the more value a contract holds, the more detailed it should be.
As a minimum, you should clarify matters that are likely to happen and issues that would have fatal consequences if they came into effect.
A contract must at least describe a promise and an obligation (If X, then Y). Otherwise, it does not really count for anything. If there are no consequences for breaching the contract, then what is the purpose of it?
Some content is crucial to a contract: Each party should be identifiable with name, address and some ID. Those parties should also sign the document using either a physical or a digital signature. The date the contract was agreed and the date that it takes into effect should also be mentioned.
Get more tips on what to write in a good contract by downloading: How to write a good contract!
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Contractbook is efficient contract management for modern businesses. You can create, sign and store all your legal documents in one safe space.