How to draft a watertight Contract on your own.
The Do’s
Always include the following clauses to avoid future litigation:
A. Consideration – value generated for each party
B. Deliverables – what goods or services will each party deliver
C .Responsibility – duties of parties while delivering
D. Default – what shall be the damages in case of default
E. Termination – when can the contract be terminated or deemed to be terminated.
F. Timelines of deliverables – how much time is allowed for each work
G. Jurisdiction – which court shall be approached in case of a dispute
The Don’ts
A. Avoid using non-definitive words like ‘would’, ‘should’ etc. Instead, use words like ‘Shall’.
B. If you want to exclude something, avoid vague and generic words. Instead, use words like ‘only’ and ‘exclusive’.
Your contract could be of a single page or 50 pages. But if you follow the above Do’s and Don’ts, you will have a good contract in your hand. In case you need any help, do contact a good lawyer.
An LL. M From Kuruksherta University, Kunal Madan has served over 9 years in this profession. He heads a law firm in Delhi with over eight associates working under him. Besides advocacy he loves good food and plays cricket and chess.