When parties to an agreement intend it to have legal effect, that agreement is called a contract. In New York, contracts may be oral or written, as long as both parties have the same understanding of the terms of the agreement. 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 New City
Negotiating the specific terms of a contract is crucial. There are several terms that should be included in every New City contract to ensure that the agreement protects the interests of the parties. The terms of the contract may be determined based on clear expectations if both parties are forthright 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
If an agreement needs a good starting point, you may want to consider a form contract. An attorney in New City,New York can add or remove clauses according to the intent of the parties, and even the specific language can be made more comprehensible so that expectations are clear. If the parties attempt to use a form contract without an attorney's help, there may be risks. First, parties are less likely to read form contracts thoroughly, which may lead to one side being unaware of their duties under the contract. Second, form contracts will often contain language that is difficult to understand outside the legal community. This can cause disagreement over the meaning of a term. With either a negotiated contract or a form, an attorney can ensure that the written document matches the intent of each party. Attorneys in New City often specialize in New York contract law.