Contract is the basic element of today’s business world. A contract means an agreement between two and more parties. Agreements can be of various types like verbal, written or implied. But in business, all important contracts should be in written form and to be signed by all parties of the contract. There is a specific law “Indian Contract act 1872” in India to govern all contracts and related aspect. As per this act Contract means “An agreement enforceable by law”. The term agreement as per this acts “Every promise and every set of promises, forming the consideration for each other”.
In today’s world we entered into contract/agreements at almost every step of business. Here are some examples of contracts which we generally used in day to day business activities:
- Rent Agreement
if someone wants to open his/her office, first step is to take a place on rent or lease and to enter into an agreement for that. A well drafted agreement helps the party of agreement to avoid from future uncertainty which may arise from misleading wording of agreement.
- Employment Contract
To hire an employee a formal written agreement has to be executed between employee and employer. In absence of appropriate contract various dispute may arise which may results in increase in employee turnover. It’s always suggestible that such agreement should be written by a legal expert.
- Purchase Contract/Sale Contract
To purchase or sale of some property, assets or Goods, a good written agreement is required. If parties of agreement are not bind by a suitable contract then there is possibility that one party of contract can take undue advantage. To avoid the litigation, contract must written by an expert of subject matter. And same for the time of making a sale.
- Franchise Agreement
Franchisee agreement is one of the most important agreements in certain business. There are certain businesses which are run under franchisee model. And in such business franchisee is key pillar and deciding factor for profit or loss. Such contract contains all terms and condition for the franchisees operations and in absence of well written contract various dispute can arise which may lead to liquidation of franchisee.
- Service Level Agreement:
Service level agreement is in important element to cover the rights and liabilities of both service provider & service recipient. Service level agreement ensure that required level of services shall be deliver as per predefined time and any violation in same would be liable for penalty as per service level agreement. Hence these kinds of arrangement are only possible where such agreement is prepared by subject matter expert.
- Partnership Deed (Agreement)
Partnership agreement is one of most important document for a partnership. A partnership firm is bind by rules and regulations prescribed by partnership deed. All roles & responsibility, assets & liability of partnership firm is based out on clauses of partnership. So it is quite reasonable that partnership deed should be drafted in such a way that it should clearly segregate duties and rights of partner.
- Joint Venture Agreement
It’s again a kind of partnership agreement but with defined object and for limited period only. Joint venture agreement is key document for joint venture and is a deciding factor for all in and out of joint venture.
Agreement can be drafted by anyone but it is advisable that an agreement always be drafted by an expert as it has to outline the legal obligations and rights between parties of agreement. An agreement should be clearly written and easily understood to the parties of the contract. Agreements should also as per the law of the land. Chances of legal disputes are higher if agreement was not written properly. A contract should covers the various aspects like Jurisdiction, Commercial terms, Validity, Termination Clause, Turnkey Transactions, Confidentiality, Force Majeure etc.
We have rich experience in drafting of legal agreements. We have work experience for writing and drafting various agreements for large organisations of India. We are continuously assisting startups for execution of various agreement relating to Share Transfer, Capital Infusion, Non Disclosure Agreement etc. We have been recognised by various clients and secured 5 Start ratings at Google.