An infographic on successfully writing a contract

луers People you can trust Guide to writing a contract a Steps of signing a contract 1. 2 3 4 5. Put it in writing Print, copy and sign the Check there Agree to the Acceptance of offer is an offer terms and conditions of contract the contract Terms that must be included in a contract 1 5. Date of the Contract expiration date(s) contract Names of Potential penalties for all parties involved breach of contract 3 Payment Clear definition of the terms and what is expected from all parties involved amounts Due dates Signatures of all parties involved 5 Common mistakes to avoid 1 Failure to negotiate Contracts are negotiable, a contract does not have to be signed if all parties don't agree to the tems and conditions. Don't be afraid to negotiate any unfavourable clauses. 2 Failure to understand All terms of a contract should be understood before signing. Ensure that every detail of the contract is understood by all parties signing, as if issues arrive, one party could reject your understanding of a term. 3 Lack of specificity It is important to specify the tems and condition of a contract, as the standard terms often aren't sufficient enough. If a dispute does arise, you will know exactly what has been specified in the contract and what is covered. 4. Lack of penalties and deadlines The inclusion of deadlines is important so that all involved know not only what is required of them, but the timeframe for completion of work. It is a good idea to also include penalties if deadlines are not met to reinforce the tems and conditions of the contract. Failure to require parallel liability clauses It is not uncommon for vendors, hotels and similar parties to try and put legal liability on the association. When signing a contract try and have any liability clauses parallel with the responsibility on the employer. If the association is negligent, let the liability be on the association, and if the employee is negligent let the liability be on the employer. Glossary: contractual terms Acceptance: The unconditional agreement to an offer. Breach of contract: Failure by one party to uphold their part of the deal. Contractual Term: An(y) provision forming part of a contract. Comfort letters: Documents issued to back up an agreement but which do not have any contractual standing. Conditions: Major terms ina contract. Consideration: In a contract each side must give some consideration to the other. Exemption Clauses: Clauses in a contract that try to restrict the liability of the party that writes them. Express Terms: The terms actually stated in the contract. Implied Terms: Terms and clauses that are implied in a contract by law or custom and practice without actually being mentioned by any party. Liability: A person or business deemed liable is subject to a legal obligation. Offer: An offer to contract must be made with the intention to create, if accepted, a legal relationship. Void: A void is one that cannot be performed or completed at all. References http://www.rocketlawyer.com/article/putting-pen-paper-how-to-write-a-business-contract.rl http://www.businessbalss.com/businesscontractstemsdefitionsglossary.htm http://www.consumerhelp.ie/services-contracts http://www.construction.about.com/od/labor-contracts/tp/union-contract-must-have-outlines.htm http://www.construction.about.com/od/procurement-process/tp/contract-documents.htm http://moz.com/ugc/must-have-items-for-you-client-contract http://www.neweraconsulting.com/avoid.htm http://www.petfinder.con/pro/for-shelters/contracts-common-mistakes/ http://www.nolo.com/legal-encyclopedia/contracts-101-make-legally-valid-30247.html http://www.rocketlawyer.com/article/putting-pen-to-paper:-how-to-write-a-business-contract.rl http://www.perfection-events.com/sites/default/files/event-contracts-perfection-events.jpg Ayers People you can trust www.ayers.com.au 2 3