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As a legal document, a binding contract contains the rights and duties of the parties that enter into it.<\/p>\n
Drafting a contractual agreement requires the highest level of thoroughness and meticulousness. Any mistake or error in a contract usually results in costly consequences to the parties.<\/p>\n
A mistake in a binding contract can manifest in different forms. A mistake can void a contract or release a party from liability.<\/p>\n
Lawyers should be alert and at the top of their games when drafting a contractual agreement. Mistakes can cause irreparable damage to your clients and also to your reputation.<\/p>\n
Below are some of the common mistakes that lawyers make while drafting a binding contract.<\/p>\n
Experienced and successful lawyers<\/a> don’t start drafting a contractual agreement until they have all the facts of the transaction.<\/p>\n Drafting an agreement without the whole facts leads to omitting important details which will expose your client to risks.<\/p>\n Most legal contracts are so long and complicated that most people especially non-lawyers do not bother to read them.<\/p>\n Most times, contractual agreements that contain more words than necessary can be misinterpreted or misunderstood.<\/p>\n Using simple but clear words in agreements clears any doubt on the intention of parties to the contract.<\/p>\n Lawyers should, therefore, avoid verbosity in drafting a binding contract as it may end in confusing the parties. <\/p>\n While the personal computer is now an indispensable tool in preparing and storing documents, it has encouraged the lazy practice of copy and paste.<\/p>\n it’s common to find contracts that contain facts unrelated to the one in which it was prepared.<\/p>\n Although precedents are very important in legal practice, lawyers should realize that no two contracts are quite the same.<\/p>\n Every contract should reflect the objectives of the parties in the contract and not those copied from somewhere else.<\/p>\n In law, a document speaks for itself and cannot be amended with word of mouth.<\/p>\n In drafting a binding contract therefore, nothing should be left to conjecture. A document that spells out the duties and responsibilities of the parties leaves no room for future ambiguity.<\/p>\n Often after drafting a binding contract, you will realize that the more you read it, the more you ‘ll discover mistakes.<\/p>\n As human beings, our senses are not reliable. When we do not take time to review our works we are prone to make a lot of mistakes.<\/p>\n One good way to avoid typographical errors in your drafted agreements is to have another person look at it. You will be amazed at the mistakes you failed to spot.<\/p>\n Binding contracts are made to prevent conflicts and regulate the conduct of people in certain relationships.<\/p>\n But no matter how detailed a binding contract is, disputes are common in all human relationships.<\/p>\n It is therefore important that lawyers should insert a clause in contractual agreements for the resolution of disputes if and when they occur.<\/p>\n The absence of a dispute resolution<\/a> clause in a binding contract may be disadvantageous to one of the parties.<\/p>\n Closely related to the absence of a dispute resolution clause is the absence of a choice of law clause.<\/p>\n Some lawyers involved in drafting agreements between parties located in different jurisdictions, forget to insert a clause for the law that will regulate the contract.<\/p>\n International business transactions have grown exponentially as people from different countries are collaborating in many areas.<\/p>\n The essence of choice of law clauses in contracts is to make the parties from different countries and states agree on the law that will apply to the contract.<\/p>\n The absence of a choice of law clause creates confusion especially in interpreting the provisions of the contract.<\/p>\n Every relationship no matter how beautiful will someday come to an end. Several factors can be responsible for ending a contractual relationship including the impossibility of performance, substandard work, late delivery, non-payment, etc. <\/p>\n A binding contract agreement without a clause providing for how the parties can peacefully terminate the contract can create some problems in the future.<\/p>\n Business transactions are fraught with unforeseen circumstances, and so termination of contract clause enables an unhappy party to opt-out.<\/p>\n Another big mistake by lawyers while drafting a contractual agreement is to include or add last-minute modifications to the contract.<\/p>\n Last-minute additions usually occur when the parties want to conclude the agreement on time or when the lawyer has wasted time in preparing the agreement.<\/p>\n To avoid last-minute inclusions, lawyers should get their facts first, analyze them, and start preparing the contract on time.<\/p>\n One big problem with late additions is that the other party may raise objections or reject the inclusion and refuse to sign the contract. <\/p>\n For a binding contract to be valid, the parties must have an agreement of the mind or mutuality of purpose and intention.<\/p>\n The purpose and intention of the parties are gathered from the contract they sign. The courts will only enforce the agreement according to the terms contained therein.<\/p>\n Failure to properly capture the intentions of parties when drafting an agreement can result in a heavy cost to one or both parties.<\/p>\n The lawyer or lawyers who drafted such an agreement can also be liable for damages to the affected party or parties.<\/p>\n Save yourself and your clients from the consequences of not being meticulous when drafting a contractual agreement.<\/p>\n Tags:<\/b> Feedspot<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Verbosity.<\/strong><\/h3>\n
Copy and Paste.<\/strong><\/h3>\n
Leaving Out Important Details.<\/strong><\/h3>\n
Careless Proofreading.<\/strong><\/h3>\n
Absence of Dispute Resolution Clause.<\/strong><\/h3>\n
Absence of Choice of Law Clause.<\/strong><\/h3>\n
Absence of Termination of Contract Clause.<\/strong><\/h3>\n
Late Inclusions.<\/strong><\/h3>\n
Wrap Up.<\/strong><\/h2>\n
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A binding contract is an instrument or agreement recognized by law as binding on the parties that sign it. As a legal document, a binding contract contains the rights and duties of the parties that enter into it. Drafting a contractual agreement requires the highest level of thoroughness and meticulousness. Any mistake or error in … Continue reading Binding Contract: 9 Contract Drafting Mistakes By Lawyers.<\/span><\/a> Continue Reading