“A contract shall be structured in such a way that the purpose behind it is lawfully positioned, performed, and protected!”
An effective contract is not only a reflection of the parties’ intention to get into a legal relationship, but clearly lays out the respective obligations of the parties with necessary safeguards and efficacious remedies. Today’s world is economized by trade, domestic and international, and this trade is facilitated through contracts (domestic or international) entered into by the parties. A domestic contract is one where both the parties operate their business from the one and the same country, whereas an international contract is one where both the parties operate their business from two different countries. Accelerated globalization has almost removed the disparity of required terms between the domestic and international contracts, and thus, most of the corporates follow the same principles while drafting and/or reviewing the domestic and international contracts.
Even then, sloppy and careless drafting and/or review of contracts have hurt the corporates all over. A contract is not a compilation of standard terms, but a considerate replication of the understanding of the parties with regard to the purpose of the agreement, nature of services, form of performance, kind of consideration, and type of industry. So, the structure of the contract in general, the hierarchy and the construction of the terms will differ and depend on parties, purpose, services, industry, location, and law.
Having said the above, certain basic rules govern the drafting and/or review of contracts which keep on progressing with change in the law and practices. To ensure a successful contract, before initiating drafting and/or review of a contract, these questions shall be answered:
- Who has drafted or will draft/review the contract?
- What is the purpose of the contract?
- Whether it is a domestic or an international contract?
- Are all boilerplate terms effectively injected in the contract?
- Are all important terms carefully inserted in the contract?
- The construction of the contract – whether lengthy, bulky, or difficult to understand?
- Is there a correct arbitration clause in the contract?
The expert lawyers at Wazir Singh Solicitor & Co are well versed with drafting of International Agreement, Contract, MOU etc. as per the specific legal need for the Multinational Company, Individual, Small Business establishment, Institution & Organisation, with due diligence by reviewing all the aspects stated above. Some of the International Document Drafting in our services includes;
- Joint Venture & Foreign Collaboration Agreement
- Film Distribution Right Assignment Contact/Agreement
- Artist & Entertainment Contract/Agreement
- Franchisee Agreement
- Memorandum of Understanding
- Arbitration Agreement
- Overseas Representative Contract
And other as per specific requirement of the client.