Every business is more or less familiar with drafting agreement contracts as it is one of the main pillars of transaction between a business and its clients and other parties. These contracts are binding legal documents which stipulate the terms and conditions of the agreement between the two or more parties involved. They stipulate in detail what the concerned parties have agreed to.
For drafting a contract between two parties, businesses often look to hire outsourcing partners. The significantly less cost and the possibility of hiring expert counsel at a fraction of the market price work as prime motivational factors behind the outsourcing process.
What Is Legal Contract Drafting?
The process of drafting a legal contract that binds the concerned parties to stipulated terms and conditions of business is known as legal contract drafting. It is mainly done with the help of experts with experience and knowledge in the field. A good contract goes a long way in helping a business flourish. Hence, it is of paramount importance for business owners to hire a good document drafting lawyer for these purposes.
Essential Features of Contract and Legal Document Drafting
There are some features that are of paramount importance for a contract to be legally enforceable. Let us take a look at these features. It is imperative that you check for these features in any contract and legal document drafting scenario.
➢ Offer: This is the part where the offerer establishes the terms and conditions of the contract which stipulates why both parties will act/ abstain from acting during the validity of the contract. It is up to the offeree to accept or reject the offer.
➢ Acceptance: This is the part where the offeree accepts the contract and agrees to unconditionally abide by the terms and conditions of the document. It is usually sealed by the offeree’s signature, or a handshake in some cases.
➢ Intention: Every contract and legal document drafted must have a specific intention(s) which will legally stipulate the performance of certain duties on part of both the offeree and the offeror in any relation – be it commercial, social, business, or domestic.
➢ Certainty: For a contract to be successfully upheld in a court of law, it has to be precise and accurate. Else it would be considered negligently drawn and as a consequence would be rejected in court.
Reasons why contracts can be rendered invalid
Even if a contract is adequate and carefully drawn, there are some specific reasons which can lead it to be considered invalid.
➢ If the contract is drawn for the purpose of committing a crime or an activity that is illegal.
➢ Contract with minors who or with people who are legally not competent or are not in a competent state of mind at the time of the agreement of the contract.
➢ Any contract that goes against the Indian Penal Code and/or any other legal code that is followed in the region of origin of the contract.
Types of contract
Contracts are usually of two types. Unilateral and Bilateral. Let us gloss over, in brief, about them.
Unilateral contracts
This type of contract is usually used in Insurance Contracts, Loan Agreements, etc. Usually these contracts are drawn by the Government and consumer protection forums. So it is not mandatory to go through the terms and conditions. But for your own sake, you should. It is however noteworthy that if the proponent of the content is a private party, you should most definitely go through it. And in case it doesn’t sit right with you, do not sign it as you cannot backout from these contracts.
Bilateral contracts
This type of contract is what we think of when someone mentions a contract. In essence, it represents an agreement between two or more people or groups of people. Most business and personal contracts fall into this category. This is where you would require a competent document drafting lawyer who would be able to safekeep and uphold the interests of you and your business.
Advantages of legal contract drafting
Businesses always have a legal team or a lawyer on their payroll. It is important to have lawyers for your business as almost all the negotiations that your organization undertakes have to be navigated by an expert attorney. There are plenty of advantages that you can avail if you practice legal contract drafting. We are now going to give you a list of the prime advantages that you can enjoy if you have a competent document drafting lawyer on your payroll.
- Certainty: The primary goal of any contract is to bring about absolute clarity in proceedings so that all parties involved in the same can be held accountable to certain terms and conditions.It stipulates things like what service or product is gonna be a part of the transaction, how invoices are to be raised, how the payment is going to be structured, necessary modalities for business execution, the proper channel for raising disputes, etc.Basically the entire functioning of all parties for the entirety of the business arrangement is carefully stipulated in the contract. So it is of paramount importance to ensure that the lawyers for your business are up to the task. Any mistake in the contractual agreement can come back to you in the form of heavy losses, inflated prices, skimmed services or products, etc.
- Proof of evidence: A written contract legally binds all parties involved to the terms and conditions mentioned in the contract. It becomes a part of the business policies of the company and is used for the purpose of future references. In case of any disputes and problems that require litigation proceedings for settlement, a contract can act as a valid proof of evidence. This must be kept in mind by all parties while drafting the agreement contract.
- Safety net against wrong claims: Wrongful claims is a term that most businesses are familiar with. No matter how pristine your services or how qualitative your products are, there is always a chance that somebody would try to embezzle you by making wrong claims. A contract is a great help in such situations. A properly drafted contract will not only protect you from any harm, but will also arm you with enough ammunition should you wish to take legal action against the wrongful claimants.
- Conflict resolution: A properly drafted contract goes a long way in resolving conflicts of interest that may arise between the concerned parties over the course of the business affiliation. Clear stipulation of terms and conditions are helpful while mitigating a crisis or solving an issue between the concerned parties.
- Streamlines productivity: Having a clearly delineated contract agreement allows for the smooth functioning of any business without losing sight of the goal. It helps by boosting the compliance factor of the entire organization. This leads to undisturbed focus which is conducive to optimizing the productivity of your business.
- Helps stay on the right side of the law: There are a number of legal issues that a business can get entangled in. Customer claims, IRS infringement claims, etc. are common issues faced by business. A contract drawn by an expert document drafting lawyer will probably cost you an arm and a leg at the time, but is going to save you a fortune in the long run.
Outsource Your Legal Drafting Services
Are you looking for legal document drafting services for your business? It is important that you find an outsourcing partner who is willing to strive towards reflecting your vision of your business. Our team of experts are industry certified and have satisfied customers all over the globe to testify for their prowess.
If you want to know more about the entire process and how it works, feel free to contact us via our website or mail. If it is lawyers for your business that you require, we have experts in the field who are available. All you need to do is contact us today and start the procedure for enrolling the help of our team of experts for the betterment of your business.
