Why Should You Invest in an Expertly-Drafted Contract Template?
A Must for Business Success: Expertly-Drafted Contract Templates3 min read
Having an expertly-drafted contract template is essential for business success as contractual agreements can protect your rights, safeguard the organization’s interests, and reduce legal ambiguities. Without a professionally-drawn agreement, a deal may become problematic and take a toll on both the partners’ bottom line.
Ensuring that the contract reflects the demands of the arrangement and adheres to local regulations is incredibly important. If you're based in Los Angeles, you must make sure to choose a lawyer who understands the area’s specific laws and regulations. Fortunately, finding an experienced legal advisor who understands the local regulations is easy, thanks to UpCounsel – a company that is trusted by small businesses, Fortune 1000 companies, and groundbreaking organizations alike. The UpCounsel platform boasts experienced attorneys with an average of 14 years’ experience, and portal profiles of lawyers display reviews and ratings for all recent work.
Before delving into the nitty-gritty details of the contract template, it is important to understand the fundamentals of contract law. Then, there are certain aspects of a contract template that you need to become familiar with for drafting a successful agreement. In this article, you will learn about the key principles of contract law, the common components of contract templates, and why you should choose UpCounsel for any legal counsel.
Understanding Contract Law Basics
Contract law is the body of the law that pertains to establishing, performing, and enforcing contractual agreements. It revoles primarily around two aspects – contract formation and contract enforcement. All contracts must adhere to an established set of governing principles in order to be enforceable.
To be legally binding, a contract must contain three key elements — offer, acceptance, and consideration. An offer is a producer's willingness to enter into a contractual agreement and it must include all details about the terms and conditions of the offer, such as price. Acceptance is when the offer is agreed to, and consideration involves some exchange of value between both parties — this could include money, services or goods.
You must also determine the nature of the arrangement to see if a contract is truly necessary. Arrangements between family and friends may not require a formal agreement, but other arrangements – such as between companies – are best put in writing in order to protect both parties. Additionally, if the agreement involves the sale of goods, it will typically be subject to the UCC (Uniform Commercial Code).
Components of a Contract Template
All binding contracts should have certain essential components that provide full clarity and make them legally-enforceable. It is important to make sure that these are present when you create your contract template.
The essential components of a legal contract are:
The title that encompasses the scope of the agreement
The parties involved, including all contact information
The start and end date, if applicable
The objectives and scope of the agreement
Detailed explanation of the services, goods, or payments associated with the agreement
Confidentiality, non-disclosure agreement, or intellectual property reference
Applicable laws, compliance, and dispute resolution
Signatures from both parties
A fiscal year, payment due dates, payment methods, and interest rates
Effective date and approved jurisdiction/venue
Clause for breach of agreement and interpretation of contract
It is essential to include all of the aforementioned elements in your contract template — otherwise it may not be legally valid. It is also important to remember that a contract cannot be enforced if it does not comply with local regulations.
Why Choose UpCounsel for Expertlegal Services?
Finding an experienced lawyer is essential for the sound drafting of your contract template. Luckily, UpCounsel is a company that is trusted by small and large businesses to provide quick, cost-effective services. Its attorney network includes experienced lawyers and attorneys in the United States, so regardless of whether you need a one-time consult or an entire freelance legal department, you’re in safe hands with UpCounsel.
UpCounsel offers access to lawyers you can trust who have an average of 14 years of experience. Moreover, you can easily research recently completed work by a chosen lawyer, since UpCounsel profiles display client ratings and reviews.
Contract templates can help protect your rights and safeguard the organization’s interests — but it is important to ensure that these agreements are legally-binding and do not conflict with local regulations. With the help of an experienced attorney and the platform from UpCounsel, this should be an easy task.
In the end
Creating a contract template is essential for anyone involved in a contractual agreement. It is vital to make sure that the agreement is enforceable by having it abide by local regulations, and choosing an experienced lawyer to do this is integral. With the help of UpCounsel, you can access high-quality lawyers with expertise in contract law and local regulations.