A contract is a valid agreement entered between two or more parties that create a legal obligation to perform any particular duty. A contract is valid when it contains the essential elements such as offer and acceptance, lawful consideration, lawful object. We find many people enter into various contracts in day-to- day life either for business or for personal reasons. In Bangladeshi contracts can be made both in written and oral form. E-contracts (online contracts) are also valid legally in Bangladeshi. It is very important to note that the terms of the contract need to be drafted carefully, to negotiate and review the terms to meet the requirements of the parties involved.
All contracts cannot be negotiated by both the parties, for example form contracts like rent agreements, Office rent deed, banker agreements etc. While drafting a contract, it is important for each party to check that their rights, duties and the obligations are covered properly or not. The requirements, interests and prospects of both the parties need to be clearly covered. If there is any ambiguity or misunderstanding of the terms, it is necessary to define such terms. Also, legal jargons should be avoided in a contract, as it may create confusion between the parties.
Some types of business contracts:
Before signing a contract, it is important for each Party to read the clauses of the contract carefully, Parties need to validate the contract to check the inclusion of all their obligations and rights. If there is any uncertainty in the provisions of the agreement, need to make it proper and valid. Each party shall ensure that all the terms of a contract are legally valid and binding on both the parties.
It is always recommended to consult an expert for entering into the business or commercial contracts. We at SCFL can help you to protect your interests during the entire contract process.