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2 top contract tips to make your contracts watertight

by , 24 July 2013
Service contracts are an inevitable part of doing business, and they can make you nervous. What if a contract has loopholes that you've missed, and that a greedy supplier or shifty client can exploit? Your business might suffer from a poorly constructed contract. Here are three tips to make sure your contracts are watertight and foolproof...

Business is unpredictable and it always seems like nobody foresees the real stresses a contract can go through.

That's especially true when it comes to business agreements. And it's why having watertight contracts are so important.

Here are two tips to make sure your contracts are watertight and foolproof when conducting business with service partners...
 

Watertight Contract Tip #1: Make a list and check it twice

Contracts are overwhelming if you don't have a huge amount of business or legal experience. That's why is important to organise your thoughts.

Make a list of all the points you want to include in your contract. This list of relevant issues will help structure your negotiations. This will also help you make sure that all the agreed terms are dealt with in a logical order.

Always add an escape clause to your checklist. Make sure only the express terms of the contract can bind the signatories. Any changes to the contract must be in writing to have any legal effect.

Watertight Contract Tip #2: Negotiate, and then negotiate some more!

Don't draft the contract when the terms are still up for negotiation. You'll have endless bickering if you do! Alterations are far more troublesome than simply waiting until all parties agree on the terms before you draft the contract. This is also far more professional.

If you keep these tips in mind, all your contracts will be watertight and you can sleep well at night!


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