Don’t Get Tripped Up on Contract Cross-References

When drafting a contract, it’s often necessary and useful to use cross-references to another part of the contract or a related document. This cuts down on redundancy and helps with consistency. But imprecise or problematic cross-references can make a mess of things. Here are some tips for handling internal and external cross-references. Continue reading

4 Tips for Defining Contract Terms

thinkstockphotos-616226892When drafting a contract, make sure to give attention to the defined terms portion. Defined terms are important because they allow the use of short-form references for names, terms, and concepts that are frequently repeated in an agreement, thus saving space, improving readability, and assuring consistency. They also encourage the drafter to be precise in stating important concepts and procedures. Use these four tips next time you draft a contract. Continue reading

Which Contract Form Should You Use?

152110530Deciding which form to use for your agreement will depend on several factors, including who the parties are, what they want to accomplish, their level of sophistication, and the amount of time and money they’re realistically willing to invest in the transaction. Here are five types of agreements to consider for your next client. Continue reading

Review This Before Drafting a Contract

thinkstockphotos-500097357When you draft a contract, your goal is to state the terms and conditions of the parties’ agreement clearly and completely, using as few words as will accomplish the job. Follow these five principles and you’ll be well on your way to meeting this goal. Continue reading

You Can Negotiate Who Takes on Risk

ThinkstockPhotos-465897648Parties negotiating a business transaction don’t have to accept the risks or duties imposed by law on the proposed arrangement. For example, just because a property owner is generally liable for damage caused by hazardous materials on his or her property (42 USC §9607) doesn’t mean that a potential buyer can’t negotiate that the seller be financially responsible for cleaning up materials that were on the property before the closing date. Here’s how to (re)allocate risk in your next transaction. Continue reading

What You Need to Know About Contract Start and End Dates

ThinkstockPhotos-512865725Among the most important terms to include in any contract are the effective date and termination date. Don’t get sloppy when it comes to these key terms. Continue reading

Ask This Before Preparing Any Business Agreement

skd258517sdcYou’re asked to prepare a business agreement. The first question should be: Who is the client? Continue reading

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