Surrey BC Contract Negotiations Lawyer
Contracts are essential instruments in business transactions, and companies or individuals draft and negotiate contracts very frequently in the course of business. Negotiating contracts can be a time-consuming process, but it is extremely important in the long run.
The followings are some tips and advice on how to draft and negotiate a well-prepared contract that will avoid potential litigation in the future.
Prior to the negotiation, it is crucial to set a negotiation goal or objective before meeting the other party.
Doing some research and getting familiar with relevant laws, figures and facts would help you better understand what you would like to achieve and what areas you would like to compromise in the negotiation. This step would smooth the negotiation process.
1. Build trust between the two parties during the negotiation.
Listening to the other party and showing understanding would always be a helpful strategy to achieve mutual trust. It is suggested to paraphrase some of the other party’s key statements to ensure that you understand the points while at the same time let them know that you are actively listening to their concerns.
2. Evaluate the situation when a conflict arises.
The worst way to deal with conflicts is to strike right back and counter attack the other party. It will not only ruin the relationships, but it will also stop you from advancing your interests. A good way to solve the problem is to detach yourself and analyse the situation as if you were a third party that is able to think objectively.
3. Obtain information by asking open-ended questions.
Open-ended questions will keep the other side off guard and usually lead the other side to help you rather than compete with you in the negotiation. Asking questions is also a non-confrontational way to make a point. Sometimes a question may even lead the other side to adopt your unexpressed point of view as their own.
Contracts are complicated legal documents. Here are some tips that you may bear in mind when drafting a contract.
1. A well-drafted contract should be easy to understand.
Written in plain English without legal jargon, so that each party is able to understand its rights and obligations stipulated in the contract thoroughly.
2. A user-friendly contract should be concise and not visually overwhelming.
Sentences should be short to avoid unnecessary complexity and ambiguity. Use default terms to cover subjects, as many of defaults at law are for the benefit of the buyer of goods or services. This will keep the contract simple and easy to negotiate.
3. A contract should be accurate, precise and less likely to be misunderstood.
Make sure all party names are accurate. Include their business titles if applicable. Define all important terms to reduce the likelihood of misunderstandings. The contract should also be consistent in terms of its tone, grammar, word usage, and abbreviations.
4. A contract should be easy to amend.
Once the Master Agreement is negotiated, it should be easy for both parties to add contracts for specific products and types of licenses without having to renegotiate complex legal terms.
HIRE AN EXPERT NEGOTIATOR AT PATROLA LAW
Due to the complex nature of business contracts, we highly recommend business owners to seek legal advice before entering in a contract. If you would like to find out more information on contract drafting and negotiation, talk to one of our highly skilled Surrey BC negotiators.
We will advise you and draft and negotiate contracts quickly without compromising quality and terms.