Contract drafting is the process of writing down an agreement, which includes terms and obligations that parties will follow after contract is signed between them. In other words, it is a legal agreement between the parties which includes legal rights and duties of the agreement. Some of the essential elements of contract include an offer, acceptance of an offer, consideration, subject matter of the contract must be legal, it must include terms and conditions of the contract. But though entering into a contract seems an easy task, drafting of a contract needs years of vast experience and skills by Legal counsels. Inovatree’s teams of lawyers are highly skilled in giving end to end advice on contracts and their management. They focus on clients requirement, understanding business intricacies before moving to the stage of drafting a suitable contract for their renowned clients.

There is no doubt that today most of the business transactions conducted is done with the help of well drafted contract. A contract is a binding agreement between two parties that fixes the terms for the business, in addition to quantity, way of delivery and price of goods to be bought and sold. Well drafted and negotiated contracts allow one to properly define and understand one’s business obligation and rights. In a case where disputes arise, one needs a lawyer who knows how to negotiate contract cases.

When entering into contracts with potential business associates, be it long term or short term; an old acquaintance or an old associate – individuals overlook the necessity of the possible eventuality of things taking a turn which is unfavorable to them. To safeguard yourself from such future eventuality, it is important to take the guidance and advice of a legal counsel who not only anticipates the worst scenario, but helps to protect you against all odds and make them in your favor.

The legal terms in a contract can be unclear, grammatically different, long and a tremendous task to read-understand-analyze-anticipate. Our counsels tackle many such contracts on a regular basis, their efficiency is unparalleled with anticipation of risk, preparing a list of risk reducing solutions, reviewing records of past risks encountered and, not only negotiating a de-risk contract, but also a contingency plan. Just like by buying an insurance policy we protect ourselves from possible contingencies, Risk Management of Contracts clips these contingencies in the early stages by protecting you from then – even things you could never have anticipated.

Contract management is a way of managing agreements from their inception to its implementation by the designated party, as well as the contract’s final termination. It manages the contract formulation, implementation and evaluation in order to maximize business performance while minimizing risk. Contract management is critical to the success of any business because contracts are legally enforceable and they define a company’s scope of work, responsibilities and duties with various stakeholders.

From the inception or idea of any business, entering into contracts becomes highly necessary. After any contract is accepted and signed, all essential stakeholders begin executing it according to the specifications mentioned. Following the execution, it is critical to guarantee that all stakeholders fulfill their commitments in terms of performance, timeliness, and payments, among other things. It’s critical to maintain a track of contract terminations and renewals as the contract cycle nears its end. Thus, having a Contracts Management system in place becomes utmost important.