A contract is a legally binding agreement between two or more people or businesses. Contracts are crucial to our daily lives as they ensure agreements are kept in place while reducing the likelihood of a dispute arising. Contracts underpin most decisions made in business or commercial ventures. Below, Melbourne Law Studio outlines some of the key considerations of drafting a commercial contract.
A commercial contract typically includes the following:
Contract language doesn’t need to be complicated. In fact, simplicity can reduce the likelihood of misunderstandings.
Keep in mind the stages of contract drafting largely depends on the specific purpose of that contract. This can range from a simple commercial transaction to complex, legally binding documents that set out certain expectations.
Examples of contracts include:
Contracts can be specific to the business and/or a particular activity as well as formalise a verbal agreement. Commercial contracts are usually created with the assistance of a business contract lawyer.
Not all agreements form legally binding contracts. A valid contract requires the following elements:
Contracts can't be enforced if they are agreements to do illegal things or breach other legal requirements
When you need a contract lawyer, Melbourne and Victoria based businesses can count on the team at Melbourne Law Studio. We can help draft, interpret, advise on and negotiate commercial contracts. Call us today on 03 9021 1421 or contact us online.
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