What to know about formulating a contract

On Behalf of | Oct 19, 2020 | Business Law |

If you’re going to enter into an agreement with another person or business in Florida, it’s a good idea to put the deal’s terms in writing. While it is acceptable to craft a contract using a template form, it is important to tailor its wording to your specifications.

Important details to include in a written contract

The first paragraph should include the names of the parties to the deal as well as the date it was created. Any technical terms included in the document should be defined so that they are easy to understand. However, as a general rule, you’ll want to use plain language as opposed to jargon whenever possible. Finally, be sure to review the deal for spelling or grammar problems as they can significantly alter the meaning of the text.

Have your attorney review the deal before it goes into effect

It is rarely a good idea to agree to a contract before you have had time to review and understand it. Your attorney will likely be able to provide more insight into whether agreeing to its terms are in your best interest. If you have any questions about a proposed contract, be sure to ask them before the contract goes into effect.

When does a contract go into effect?

In most cases, a contract is not enforceable until all parties to the deal have executed it. Therefore, it may not be in your best interest to start abiding by the terms of a proposed deal until the agreement becomes official.

Before agreeing to any type of verbal or written agreement, it may be best to have it reviewed by someone who understands contract law. This might help you better understand your rights and obligations before and after the deal becomes official.