The 4 key points you must get right in every contract....

June 16, 2017

 

Improve your business negotiations by remembering to focus on these key points in every deal! 

 

I love to inform and educate entrepreneurs and business owners so whether it's over coffee - or in a training session - you will likely hear me emphasise this time and time again.

 

Make sure that these 4 points are clear and certain in your contracts.  

  1. Parties 

  2. Purpose 

  3. Period

  4. Price

I call them the 4Ps.  Write them down. Commit them to memory.  Write it on a post it note and stick it to your monitor!  Just make sure you check.  It will make your contract more enforceable and clearer for both you and the other side.

 

Let me break it down in a little more detail for you so you know how to apply this in practice.

 

Parties

Clarify if you're dealing with a company (and include any registration numbers), sole trader, charity etc. 

 

Purpose

Make sure the essence of the deal is clearly outlined. Don't be thrown by the title of the contract - what does the contract actually do?

 

Period

Clarify any time periods. Delivery times, payment periods, build dates etc.

 

Price

if you're selling a single product - this is straightforward! But if you're delivering a multimillion pound development - this is more complex. Include the detail you need so there's no question about it and remember to cover off the position if things go wrong...

 

So now you know the 4Ps, go on, I dare you to check your next contract!

 

I've been a solicitor for over 16 years and I understand that clients only save the tricky contracts for the "eyes of the lawyer".... So therefore it's your responsibility to check the 4Ps in every contract.... just see it as a way to keep your legal bills nice and low! 

 

You can do this - but if you want a training session - I'll provide one using your own contracts so you know what you need to look out for. Contact me at hello@andalllegal.com.

 

If things do go wrong and you didn't check, contact me at hello@andalllegal.com.

 

If you've reviewed your contract and you want an expert eye to check over it, yep you guessed it... contact me at hello@andalllegal.com!  We look forward to hearing from you.

 

 

 

 

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