Drafting Contracts - Some Musings
Contract Drafting has over the years evolved into a space where many ideas need to be presented in a concise and easily understandable format, the number of sheets of paper kept to a minimum and clauses written in a way which does not allow too many interpretational issues.
Every agreement must have certain mandatory clauses, a structure and a flow. As an example, recitals, operative clauses, jurisdiction, carve-outs or caveats or exemptions, clauses of entirety, dispute resolution, termination procedures etc are a must. In fact, we recommend detailed clauses on arbitration procedure given that today courts do ask litigants to use arbitration procedures before coming to the courts for settling disputes. Over the years, the arbitration and conciliation acts have been tightened and parties have the option of settling disputes commercially through arbitration before reaching out to the courts.
Based on our past experience in handling legal contracts and our substantial knowledge gained by developing our patented product line, Basiz Master Draft (www.basizmasterdraft.com), we thought of putting down a few points for the consideration of all our users on some useful tips to be kept in mind when writing contracts or reviewing them.
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