050
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FORM 50.
Checklist of Important Points Regarding Contract Execution 1.
Discuss all terms in advance.
2. Legal disputes often arise because many people accept a contract on a handshake; a handshake only confirms that you came to some kind of understanding, but it doesn't confirm what the arrangement was because the same oral words often have different meanings from both parties' perspective. Written words limit misunderstandings, so prepare a written agreement to minimize confusion and prove what was agreed upon. 3. Be aware that some employers insert restrictive covenants in written employment agreements that prohibit you from working in a geographic area or for a certain period of time; avoid this and seek legal advice before signing a contract with such clauses if possible. 4. Consider arbitration to resolve disputes and add this clause to your agreements where applicable. 5. When contracts are issued, be sure that all changes, strikeouts, and erasures are initialed by both parties. 6.
Be sure that all blanks are filled in.
7. If additions are necessary, include them in a space provided and attach them to the contract itself; then note on the contract that addenda have been accepted by both parties. 8. Always review and respond in writing to any comments or proposed amendments to the contract you may have received so your lack of notice will not be viewed as an acceptance. 9.
Be sure the agreement is signed by all parties.
10. Be sure the person signing the agreement has the legal authority to enter into the contract and bind the other party (i.e., that such person is an officer, such as a president or vice president). 11. Always save a copy of the final contract signed by all parties for your records. Store this in a safe place for future reference. 12. In most cases, any oral understandings reached after the written contract was signed will not be valid unless you execute a new written contract or written modification of the old contract to reflect such changes. 13. Oral understandings reached prior to the execution of a written contract are presumed to have been incorporated into the written contract; thus, generally, such oral agreements will not be valid unless they are contained in the written contract.
Checklist of Important Points Regarding Contract Execution 1.
Discuss all terms in advance.
2. Legal disputes often arise because many people accept a contract on a handshake; a handshake only confirms that you came to some kind of understanding, but it doesn't confirm what the arrangement was because the same oral words often have different meanings from both parties' perspective. Written words limit misunderstandings, so prepare a written agreement to minimize confusion and prove what was agreed upon. 3. Be aware that some employers insert restrictive covenants in written employment agreements that prohibit you from working in a geographic area or for a certain period of time; avoid this and seek legal advice before signing a contract with such clauses if possible. 4. Consider arbitration to resolve disputes and add this clause to your agreements where applicable. 5. When contracts are issued, be sure that all changes, strikeouts, and erasures are initialed by both parties. 6.
Be sure that all blanks are filled in.
7. If additions are necessary, include them in a space provided and attach them to the contract itself; then note on the contract that addenda have been accepted by both parties. 8. Always review and respond in writing to any comments or proposed amendments to the contract you may have received so your lack of notice will not be viewed as an acceptance. 9.
Be sure the agreement is signed by all parties.
10. Be sure the person signing the agreement has the legal authority to enter into the contract and bind the other party (i.e., that such person is an officer, such as a president or vice president). 11. Always save a copy of the final contract signed by all parties for your records. Store this in a safe place for future reference. 12. In most cases, any oral understandings reached after the written contract was signed will not be valid unless you execute a new written contract or written modification of the old contract to reflect such changes. 13. Oral understandings reached prior to the execution of a written contract are presumed to have been incorporated into the written contract; thus, generally, such oral agreements will not be valid unless they are contained in the written contract.
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