A contract in Iowa is an agreement about something of value between two or more parties who intend the agreement to have legal effect. It may be oral or written, as long as all parties agree to the contractual terms. In business transactions, written contracts are usually preferred for their reliability. These documents are best drafted by those who understand the law, because the very reason for a contract is to legally obligate the parties.
Negotiating a Contract in Coralville
Negotiation of each particular term in a contract is important to ensure that the intent of each party is met. Also, there are certain clauses that should be included in every Coralville contract to give it the desired legal effect. The terms of the contract may be decided based on clear expectations if both parties are upfront about their intentions early on. Also, parties may want to discuss whether they need a provision for resolving any disputes under the contract.
Using a Form Contract
Using a form contract as a baseline for your agreement may save you time. Lawyers practicing Iowa law in Coralville can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your distinct situation. If the parties attempt to use a form contract without an attorney's guidance, there may be risks. First, using a form contract makes it more likely that one of the parties will not have understood the clauses. This can lead to them being unaware of their duties under the contract. Second, form contracts often contain language that is particular to the field of law, and using forms without an understanding of this language can cause future disagreements over a contract's meaning. With either a negotiated contract or a form, an attorney can ensure that the written document matches the intent of each party. Lawyers in Coralville often specialize in Iowa contract law.