S. P. ASHOK (Advocate Bombay High Court 8450920005 advocatespashok@gmail.com) 08 April 2011

HOW TO READ CONTRACT

Dear All,

I want to know how to read contract for legal vetting.

S P Ashok

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2 Replies

(Guest)

reading a contract for legal vetting involves few steps..

a) understanding the deal/ business completely.

b) understanding your business needs and expections from the contract.

d) the other party must not tax your firm/ company or business to satisfy their needs under the shade of legality,.

e) Arbitration clause must be encourged instead of court litigation.

f) Make sure your company is fully indemnified under the contract by the other party.

g) make sure the STatement of work is properly and detailed defined.

and read very care fully all the clauses sply, dispute resolution, rights and duties, indemnity, withhold/set off clauses etc

incase of any clarification feel free to revert back

rgds

heena sharma

advocate

1 Like

Ajay Kumar (Administration) 15 April 2011

1. The first and foremost thing is to read and fully understand the Scope of Work. Scope of Work clearly defines the responsibilities of the Contractor in addition to the work to carried out/performed.

2. Terms & Conditions : Every contract is guided by clear and unambiguous terms and conditions. Read all these terms & conditions. Interpret them keeping in view the legal position and their effect on the performance of contract.

3. Acceptance: Accept the contract only when u fully understand it. Never accept any terms or condition which u dont understand.

4.Understand ur liability in case of non-performance. Also not forget to include force majure clause.

The most important point here is that u should first urself read and interpret and understand the contract. Take the help of legal experts only when u dont understand some clause(s) in the contract.