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 typically 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 Wesley Hills
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 Wesley Hills contract to give it the desired legal effect. 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
Many Wesley Hills, New York 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 in using form contracts 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, form contracts often contain language that is specific to the field of law, and using forms without an understanding of this language can cause future disagreements over a contract's meaning. 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 Wesley Hills are experts of New York contract law.