IMPORTANT CLAUSES IN BUSINESS CONTRACTS

IMPORTANT CLAUSES IN BUSINESS CONTRACTS

A well-drafted business contract is the foundation of any successful business. It outlines the rights, duties and expectations of all, reducing disputes and ensuring smooth operations.

Having a partnership, hiring a vendor or securing a client, here are the key clauses to include:

1. Parties in the contract, including their names, addresses and roles.

2. Exact goods, services or what each party is expected to provide. Be specific.

3. Amount, due dates, method of payment and consequences of late payment.

4. Contract’s start and end dates, and conditions for termination, notice period and penalty for early termination.

5. Protect sensitive business information by including a confidentiality clause. This prevents parties from disclosing or misusing data.

6. Specify how disputes will be resolved, whether through litigation or ADR, the jurisdiction and venue.

7. Force Majeure: Protect parties from liabilities in case of unforeseen events like natural disasters, strikes or government actions that prevent contract fulfilment.

8. State the laws that will govern the contract. For Nigerian business, this is Nigerian law, but international contract may require different governing law.

9. Protect your business from third-party claims or losses by including an indemnity clause. This ensures the other party compensates you for any damage arising from their actions.

10. Let authorized persons sign and include date.

So get a Property Lawyer to draft a proper and comprehensive Business Contract for you.

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APEX CHAMBERS, reputable Law Firm of Business/Corporate/Commercial and Property Lawyers, Attorneys, Barristers, Solicitors, Advocates, Legal Practitioners, Legal Consultants providing legal services and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com