Most of the corporate lawyers are often asked to evaluate various contracts that their clients give them for accessing. The lawyers then scrutinizes the entire contract to bring out the flaws, issues and ensures that it covers everything.
The business clients generally want to know that whether the contract is good or if it covers every point and aspect required for the agreement. But apart from this the corporate lawyers need to analyze and scrutinize the entire contract very intricately to avoid any issues faced by his/ her clients after the signing is done and in the due course of time.
Herein below, we would learn about the most common aspects that the lawyers look for when evaluating such contracts:
The most essential terms and conditions- The first and foremost thing to check on a contract is whether all of the vital terms and conditions are included. There are cases where a contract is orally made in most jurisdictions, or very poorly written, but still a good contract will specifically identify all of its essential terms. This means all service agreement must include a definite term over which the agreement will take place or else it may turn unenforceable.
Similarly, if the lawyers fail to identify a valid exchange of consideration, where consideration means the thing that is being exchanged for a contract. Without a legal exchange of consideration, a contract is not formed. So, if a person has to perform a service, but there is no corresponding commitment to pay that person, or the pay structure is very less or is completely unfair, then there is a lack of consideration and the contract is not valid.
There is no conflict or clash with the laws- The corporate lawyers also look for common aspects in the contract formation like an unintended conflict with existing laws. There certain requirements in statutory or regulatory law which must be included in the contract in order to be valid as per the laws of that jurisdiction. Even several prohibited clauses are there that cannot be included in contracts without invalidating them.
This can be explained with an example like, many states have specific provisions that need to be included in lease agreements, such as warnings pertaining to the use and handling of security deposits and etc. In such case if this clause is not included then the contract remains void.
Strong boilerplate provisions- Boilerplate is a type of text that can be reused in new perspectives or applications without changing the original form. Most of the people feel that boilerplate in any contract is just the insulation intended to justify the billing of a corporate lawyer, but actually this provision of a contract can be just as important as its main terms.
Along with these points, there are numerous other elements of a contract that a skilled and experienced corporate lawyer would want to investigate as a part of his job. So it would be helpful if you consult an attorney to know about all such aspects in details.
Leon Grant has performed a series of interview with many lawyers and legal consultants. According to him a good corporate lawyer in Sudan would always investigate the different aspects and clauses present in the contract and agreements of their clients with full intricacy.
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