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If you're asking whether you need a lawyer to draft a contract, legally, the answer is no. Anyone can draft a contract on their own and as long as the elements above are included and both parties are legally competent and consent to the agreement, it is generally lawful.

The basic fundamentals of a legally binding contract are that it must include an offer outlining what is going to be provided, and an acceptance of that offer. There must also be something of value exchanged, which could be a service, sale of goods, money or even a promise to provide one of these things.

Although legally binding contracts are commonly thought of as official documents requiring signatures and perhaps legal consultation, in truth legally binding contracts can include anything from buying food at a grocery store to having dental work done to having someone cut your lawn in exchange for payment.

The contract should include the names of the parties involved, the date the contract will go into effect, and a description of the goods or services to be exchanged. The provisions of a contract should be written in specific language, and the terms should all be well defined.

The Contract Review Process This process includes: clarifying contract-related facts, measuring the feasibility of the contract and forecasting contractual risks. The next stage in the contract review process is carefully reviewing the payment terms and triggers, commercial terms and duration periods.

So safeguard yourself with these seven contract review tips, and whenever possible, use an online contract creator to get peace of mind. Get what you want from the contract. ... Clearly define the terms. ... Read the contract. ... Note what's missing. ... Make changes. ... Negotiate. ... Finalize the contract review procedure.

Generally, you should limit your comments to matters that could cause confusion, could add risk, or don't reflect your understanding of the deal. Don't make changes to make the language conform to what you think contract language should look like.

If I agree, I sign it. If that's what it said—that I simply agreed to be bound by all applicable laws [no problem there] and [company/nonprofit/govt] rules and regulations,” I'd want to make sure I understood what they were. I wouldn't have any problem agreeing to government rules and regulations.

Examples of such clauses can be the goods or services to be provided; details about what, when, how, and under circumstances the party providing those things will be paid; who owns the rights to the goods or services; what happens if there is a breach of the contract or a dispute; the term or length of the contract; ...