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What to include when writing a contract

This blog recently discussed contract negotiation tips to ensure the interests of the parties are protected as part of a successful business transaction. In addition to contract negotiation tips, it is also helpful to understand the components of a contract and what should be included during the process and in the contract so that parties can protect their interests.

A construction contract should include certain component parts. There are, of course, legal requirements associated with a valid contract that parties to the contract should be familiar with. In addition to those requirements, it is also important that the contract is in language that is understandable to the parties and accurately reflects the agreement between the parties.

It is significantly important to keep in mind that a contract should include details and should be as specific as possible. Vague language, uncertain terms and undefined language can lead to problems and contract disputes down the road. To that end, payment terms should be carefully laid out in the contract. Contracts should also include provisions concerning liability, governing laws, termination requirements and available remedies under the contract. There are a variety of different types of a damages and remedies that may be available for a contract breach so the parties should be familiar with what those are. A provision for attorney's fees can also be helpful to include.

Contracts are designed for the purpose of commemorating an agreement between two parties and outlining the details of that agreement. To help a construction project run smoothly, a contract that protects the interests of the parties and carefully outlines their rights and obligations is the best path to consider.

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