SATIC The View Magazine | Partnership Contracts - What You Need to KnowSPRING 2017 | published in SATIC
This SATIC article regarding Partnership Contracts - What You Need to Know includes a section from Trevor Edmond, Wallmans Lawyers' Business and Commercial Partner. To read the entire article, please click on the image below.
....3. Think Before You Sign
Make sure you clearly understand what you're agreeing to and what happens if things don't go as planned.
We asked Wallmans Lawyers' Business and Commercial Partner, Trevor Edmond for his advice on what you should check before signing:
- Does the contract properly reflect your understanding of the agreement?
- Does the agreement create binding commitments?
- Are amendments properly documented as part of the contract?
- Are any of the parties bound by confidentiality?
- Is there a potential conflict of interest between you and the other party?
- Can any tasks assigned be delegated to others?
- Is there a clear process for dispute resolution?
- Do you know when the contract starts and ends?
- Do you know what currency payments are to be made in?
- Does GST apply to any amounts referred to in the contract? If so are the amounts GST inclusive or exclusive?
- Are you protected from any claims an outside person may make against you?
- What laws and regulations apply to the contract?
- Who owns intellectual property rights and what are they?
- Is there a certain level of quality of performance required by the contract?
- Can the contract be renewed and does it include a notice period that needs to be complied with?
Once you have put pen to paper, it is important to keep a copy of the contract, as well as any changes that have been negotiated - never rely on verbal contracts alone.
We highly recommend seeking legal advice when developing contracts to ensure you're protected and don't get anything wrong....
The content of this newsletter is for general information purposes only and should in no way be treated as formal legal advice.