An agreement or legal contract is vital for protecting business rights and outlining responsibilities. It needs careful drafting, including definitions, scope of work, obligations, commercial liability, termination, and dispute settlement. While anyone can draft an agreement, it is strongly recommended to have a legal professional do so to ensure all essential elements are covered and avoid potential pitfalls.
legal contract or an agreement is not a mere piece of paper for signing between two parties but it protects one business entity with its rights and remedies.
An agreement also create responsibilities, conditions, manners, time limit, monetary issues, etc so that every corner of the agreement is properly sealed failing which it may result unforeseen loses.
A legal contract or an agreement has to be drafted with all sine qua none i.e important limbs as below :
definitions
scope of work/service
obligations / do's and don'ts
commercial liability
documentation & invoicing
termination
validity
waiver
IPR protection
force majeure
dispute & settlement
penal clause
observation and applicability of law
Survival cum Protection clauses
place of performance /supply
Business Secrets & confidentiality
non – competitive clauses
non-solicitation
non disclosure
Amendments
Severance etc
Every agreement has to be drafted with special caution and stereotype drafting may have fatal result. It can be drafted by anyone but it is better to be drafted by a lawyer.
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