A contract in Wisconsin is an agreement made by parties that intend their agreement to have legal effect. As long as parties to a contract have the same understanding about the contractual terms, the contract might either be written or entirely oral. A written contract is usually preferred by most businesses, because that make the agreements more reliable. Contracts may involve legal principles, so they are best formed with a clear understanding of the law.
Negotiating a Contract in Madison
Negotiating the particular terms of a contract is crucial. There are several terms that should be included in every Madison contract to ensure that the agreement protects the interests of the parties. 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
Form contracts can serve as a good starting point for a sound agreement. Lawyers in Madison, Wisconsin often keep past contracts on file, and can add or remove clauses based on the situation. They can also reword the specific language of form contracts to make them more clear. There are risks to using a contract that neither party has written, particularly if you proceed without the guidance of an attorney. First, a party using a form contract may not have completely read all the terms, and can thereby remain unaware of his performance obligations and liabilities if events do not go as planned. 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 clause. With either a negotiated contract or a form, an attorney can ensure that the written document matches the intent of each party. Lawyers in Madison often specialize in Wisconsin contract law.