Practical Tips for Contracts - Negotiation & Drafting by Contrato

A contract between parties binds them upon each’s signature. Each word can trigger rights and/or obligations to which the relevant party(ies) may be either entitled to or bound by; noting that similar words might engender different situations. Therefore, before drafting or signing any agreement, you should consider at least two vital points: pre-contractual negotiations and proper legal drafting, as those are the two foundational building blocks on which a solid contract stands, further sparing you from unsought consequences and commitments. Even though all contracts share common requirements, each type of contract remains unique on its own in regards to requirements and negotiable terms. Thus, it is necessary to understand some of the most important provisions that should be inserted in most contracts, like Confidentiality/Non-Disclosure, Intellectual Property, Non-Compete, Termination and Dispute Resolution, among others as a means to ensure the proper draft and execution of your contract as well as, prevent any prospective complications whether legal or otherwise.