In Ohio, a contract is different from a normal agreement in that the parties to a contract intend their agreement to have legal effect. Contracts might be oral or written, as long as both parties have the same understanding of the terms of the agreement. Most businesses want to solidify their agreements in writing so that they can rely on them in the future. Since many legal principles might be involved, drafting a contract works best when done with as much knowledge of the law as possible.
Negotiating a Contract in Wilmington
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 Wilmington contract to give it the desired legal effect. Being upfront about your intentions can help the contract goal of mutual understanding of expectations. To conclude negotiations, you may want to include a clause that determines what is to be done if a party fails to meet its duty.
Using a Form Contract
Many Wilmington, Ohio Lawyers 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, particularly if you proceed without the advice of an attorney. First, parties using form contracts often do not read all the clauses, and can therefore be unaware of their obligations under the contract. Second, using a contract that someone else has written can obligate the parties to a contract clause 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 Wilmington, many Lawyers specialize in Ohio contract law.