The success of every business transaction depends on a good drafted contract.I’m not making reference to contracts uploaded on Google or those drafted by inexperienced persons.
It’s always advisable to draft a contract that will fit the situation or business at hand.
No model ,No clause is standard even for the most common contracts without edits especially as far as negotiation is involved.
Every contract reflects a particular situation and warrants a tailor made model.
Copy and paste will never result to a satisfactory result if it’s done without reflection or by inexperienced persons.
Every contract varies from the parties to the operation and so on.
Before listing the 8 clauses to be inserted in every contract,
It is important to know how to draft the introductory part in every contract and how to describe each party to the contract.
a.Remember to add LTD(SARL) at the end of every company name(private limited) and PLC(S.A)for public limited companies;
b.Mention the companies Registration/immatriculation number;
c.Mention the companies headquarters;
d.Address;
e.Contacts.
For physical persons,
a.Mention their full names;
b.Identity card numbers;
c.Profession;
d.Address ;
e. Phone numbers.
The clauses to look out for in every contract;
1.Duration clause;
2.Termination clause;
3.Dispute settlement ;
4.Exclusivity and confidential clause;
5.Amendement clause;
6.Force majeure ;
7.Payment conditions;
8.Responsibility and obligations(services).
By Barrister Fru Shella.
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