Contract Terms and Parties
Foundations for Business Brilliance: Episode 9
In this episode Jessica Eaves Mathews gives advice on “Contract Basics”. Most times in creating a contract there are important issues we must consider before signing the dotted line. When you are entering into any agreement, short term or long term, you need to make sure that the parties of the agreement are CLEAR! This session is to better educate you in your day to day business dealings and to help you better negotiate with 3rd parties with confidence.
1. Identify the parties involved:
a. Be very clear who is to be bound by the contract. This is often overlooked.
b. Who is responsible and bound by the contract?
c. Who do you go after if the contract is breached?
2. Properly add that name or party(ies) to the contract.
a. If it is an entity, the full name, company and official mailing address – NO PO Boxes.
b. If LLC, insert this information as well.
3. Confirm the authority of the one signing the document, contract or agreement – especially if one is signing on behalf of an entity.
a. Make sure they write their name legibly.