In many facets and areas of business and life it is important to document agreements between parties in writing. Not only is it a requirement by law that certain agreements be in writing, documenting an agreement in writing can also prevent disputes arising.
Although some binding agreements can be made verbally between parties, more often than not a problem faced when attempting to enforce an oral agreement is proving what was said and by whom.
Not only is it important to document agreements in writing, it is also equally if not more important to obtain legal advice from a qualified party to ensure the agreement meets your needs.
From our experience, fundamental mistakes that parties often make in recording their agreements include:
- Failing to properly document all of the necessary terms of the agreement;
- Failing to raise and address matters and issues that should be included in an agreement;
- Failing to understand all the terms of the agreement and their effect;
- Failing to properly identify the parties to the agreement;
- Failing to take into account applicable legislation;
- Failing to consider tax implications;
- Failing to understand liabilities and pitfalls that arise from or as a result of the agreement.
Perhaps one of the most fundamental mistakes is the failure to read or understand contractual documentation, particularly when it has been prepared by another party. It is important to understand that in most instances there is little or no ability to change or amend the agreement after it has been entered into or signed off on.
Unfortunately many people find themselves bound to contracts they do not understand or to agreements that they wish to change because of a failure to obtain legal advice before entering into such agreements.
Matters Commonly Dealt With
Although there are numerous types of contracts which we deal with, some of the more common contracts include:
- Contracts for the purchase or sale of assets (including real property, businesses and other assets);
- Leases and agreements to enter into leases;
- Loan, credit and mortgage contacts;
- Employment contacts and contacts for the performance of works;
- Supply contracts and contracts for the provision for the goods and services;
- Partnership agreements and shareholder agreements.
How We Can Help
In the event that you are proposing to enter into an agreement, we can assist by:
- Drafting and preparing agreements;
- Negotiating terms of the agreement on your behalf;
- Providing advice on agreements;
- Guiding you with compliance issues.
For further information please contact: