Four Tips for Writing Contract Amendments

Drafting a sound contract often requires seemingly endless negotiations and countless versions of the agreement before all parties are satisfied. But, despite spending days, weeks, or even months getting a contract into a mutually acceptable format, circumstances often arise necessitating some sort of amendment to the existing contract language. It is important to remember that an amendment changes something in the contract, as opposed to an addenda which would involve making additions to the contract.

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6 Contract Drafting Tips

Drafting contracts is not exactly the most exhilarating activity. Every word, comma, period, sentence, and paragraph of the document that eventually becomes a contract are critical to its existence and interpretation. As a result, getting a contract to an agreeable form necessitates painstaking precision. It is frequently said that negotiation is an art, and when it comes to contracting, both the negotiation and drafting of the agreement require a unique set of skills and knowledge. Here are 6 tips to drafting a strong contract:

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5 Contract Drafting Nightmares And How to Avoid Them

Every phase of the contracting cycle presents its own set of challenges. Contract drafting can be particularly brutal with lawyers for each side going round and round over virtually every detail. Unfortunately, sometimes even those lengthy and detailed drafting sessions result in a mediocre contract. There are certain prevalent problems that crop up time and again irrespective of the contract's core content. Here are 5 potential contract drafting nightmares and some tips on avoiding them:

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4 Ways to Leverage Your Legal Counsel in Contract Talks

Startups and small businesses are often hesitant to retain the services of legal counsel, generally due to concerns over the hefty price of such advice. This is certainly understandable, although it may end up proving costly in the long run. With contract drafting, in particular, it is very important to confer with legal counsel to ensure that the bargain struck is equitable and allocates risk appropriately. There may be issues down the road that lead to expensive litigation if a company fails to receive the input of an attorney with respect to a legally binding document such as a contract. Rather than be reactive and shell out a bunch of money for a lawyer to clean up such a mess, it is wise to be proactive and engage counsel as early as practicable. Here are four ways to leverage legal counsel when it comes to contract negotiation and drafting:

 

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How to Draft Usable Long-Term Contracts

Negotiating and drafting contracts can be a long, drawn out process, especially when the drafting round has to begin from scratch. When it comes time to put pen to paper, a lot of hours and manpower can be saved if there is a general agreement from which the drafters can start. Ideally, there should be several templates from which to choose and the shelf-life of these agreements should be fairly substantial to avoid having to reinvent the wheel every couple of years. Here are some things to consider in order to draft usable long-term contracts:

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How to Future-Proof Your Contracts

We recently discussed the importance of having a plan to track contract changes. However, it is also extremely important to consider the types of changes that may be needed in the future and to build the appropriate language into the contract from the outset. This obviously requires a bit of foresight, but some situations may not be readily apparent and thus are not exactly easy to plan for ahead of time. For this reason, contracts must be drafted in a way that allows for some flexibility, when it is needed. Here are some of the possible changes that could impact a company's contracting and how to future-proof your contracts:

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Tips for Communication & Transparency In The Contract Drafting Process

Communication and transparency are key in the early stages of the contract drafting process. From navigating contract terms to making sure involved parties are on the same page, the beginning of the contract cycle relies on an open and ongoing dialogue between individuals for the best results.

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Contract Interpretation and The Importance of Unambiguous Terms Part 3 of 3

It may be hard to believe that there is so much to say about contract interpretation that it necessitates multiple blog entries, but the content of these particular installments is really just the tip of the iceberg. Contracting is a routine part of business operations, and even though it has gone on for centuries, it continues to be a complicated process, frequently subject to confusion and disagreements. And, more often than not, these disputes center on conflicting interpretations of a contract's terms. So, here is a continuation of the discussion on the principles of contract construction.

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Contract Interpretation and the Importance of Unambiguous Terms: Part 2 of 3

In part one of this series, we began our discussion of contract interpretation. This installment delves a bit deeper into several of the principles of contract construction that judges and arbitrators rely on to discern the meaning of ambiguous contract terms.

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Contract Interpretation and the Importance of Unambiguous Terms: Part 1 of 3

Most folks in the contracting world would agree that contract drafting is an art form. The negotiations involve a lot of push and pull in an attempt to find balance and stable ground, but it is the language of the contract itself that must clearly explain the precise bargain that was struck. As a result, the individuals who turn the negotiated terms into the actual words that make up the contract, usually attorneys, must carefully analyze every single word, sentence, paragraph, and piece of punctuation.

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