Legal Services
Agreements
A contract is an agreement between two parties.
A contract can be either oral or in writing. Oral contracts are often referred to as “verbal” contracts, however, this is incorrect as “verbal” just means “in words”. Although it can be awkward, it’s more legally correct to refer to contracts not in writing as oral.
It is always better to have a written contract as such contracts are an accurate reflection of what the parties wish to do.
It’s certainly better to get an attorney to draw up a contract for the parties as an attorney will evaluate the needs of the contracting parties and will make sure that everyone’s interest is protected. For example, to regulate the process of ensuring a contract can be enforced with the minimum of expense by adding a mediation or arbitration clause.
There are many types of contracts that would fit different scenarios of a commercial relationship, for example, a non-disclosure agreement, a shareholders’ agreement or a joint venture agreement. An attorney can assist in discussing with the parties which agreements are appropriate for which transactions.
