In Illinois, when two parties come to a mutually understood agreement that they intend to have legal force, a contract is formed. There are both written and oral contracts, since all that is required is that the parties agree and understand each other. Most businesses want to solidify their agreements in writing so that they can rely on them in the future. Since many legal principles may be involved, drafting a contract works best when done with as much knowledge of the law as possible.
Negotiating a Contract in Schaumburg
There is more to a contract than what is required for it to be valid in Schaumburg. The particular terms of the contract should all be discussed separately so that the intent of each party is understood by the other. Being forthright about your intentions early on can be helpful, because it allows the terms of the contract to be determined based on clear expectations. Lastly, a clause that determines how to handle a dispute under the contract may be worthwhile to negotiate.
Using a Form Contract
Many Schaumburg, Illinois attorneys use form contracts as a template for any new agreement. The attorney will add or remove contract provisions that the parties want, plus modify the specific language of the form contract to meet the parties' needs. This usually saves all parties time and money. There are risks to using a contract that neither party has written, especially if you proceed without the assistance of an attorney. First, form contracts have the tendency to go unread. Any party who does not carefully review all the contract terms can be left unaware of their obligations under the contract. Second, using a contract that someone else has written can obligate the parties to a contract term that they do not understand. An attorney can ensure that a written contract matches the intent of the parties, both with form contracts and in negotiations. In Schaumburg, many attorneys specialize in Illinois contract law.