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 generally 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 Waterloo

Negotiation of each specific 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 Waterloo contract to give it the desired legal effect. Stating your intentions clearly at the outset of negotiations is helpful, since then the parties may carefully detail the obligations and duties of the contract based on mutual expectations. Also, you may want to negotiate a process that can be followed should one party not fulfill its end of the contract.

Using a Form Contract

Using a form contract as a baseline for your agreement may save you time. Attorneys practicing New York law in Waterloo can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your individual situation. However, form contracts can pose problems if they need to be interpreted by courts, especially if they are used without the assistance of an attorney. First, using a form contract makes it more likely that one of the parties will not have understood the terms. This can lead to them 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. Whether you decide to negotiate a contract or use a form contract, an attorney will be able to help you ensure that the written instrument matches your intent. Many lawyers practicing in Waterloo are experts of New York contract law.