One should only sign a contract after they know what they will be obligated to do after signing it. It can be risky if you have selected some stereotype or boilerplate format that probably meets the requirements of someone else who has different requirements than yours. Signing a one-sided agreement can also, in the future, create issues for parties due to non-enforceability or invalidity of provisions that form part of such agreement. Contracts are generally easy to understand, but complications may occur sometimes, and often even a clear and harmless-looking clause can cause problems and it is always best to get experts to vet the contracts so that there is no problem in the future.
It is common that, one of the parties might become vulnerable to misinterpretation due to inadequate drafting of contract clauses. Our guidance not only critically analyses already drafted clauses, but also adds new clauses to ensure that all client needs are correctly addressed. We have a dedicated drafting and vetting team at IP and Legal Filings (IPLF) specializing in reviewing detailed contracts catering to numerous industry verticals such as real estate, healthcare, insurance, finance, financial services, technology, etc.
The first step of Contract Drafting involves understanding expectations, desired outcomes, and subject matter from the parties.
If the contract does not include sufficient clauses that are in line with the subject matter and the desired objectives, an amendment is made to existing clauses along with the inclusion of new clauses in order to make the contract comprehensive and water-tight.
The agreement/contract is finalized after necessary iterations and the timeline can also be appreciated, the time required for contract vetting depends primarily on the complexities of the subject matter covered. Nevertheless, on average, we finish the process within 7 to 10 working days.
- Draft of the Contract
- Collateral Documents.
1. Contract Drafting or Contract Vetting, which option is better?
When the contract has been drawn up by a person familiar with the legal implications of contracts, only then should contract vetting be considered as a better option. If the contract has not been drafted by a qualified individual, then a better choice is to have it drawn up by an attorney with good knowledge of relevant laws.
2. What is the primary difference between your service in contract drafting and contract vetting?
In contract drafting, from the beginning to the end, our team will draft a contract. Whereas, in contract vetting, our team will serve as a reviewer of an existing contract template that may be drawn up by someone else, and will make appropriate changes and deletions to the existing contract template.
3. What are the advantages of contract vetting?
- Provides an opportunity to modify the structure, language, and format of the contract
- Prevents trouble in the future
- Identifies any uncertainty in the original contract
- Rectification of such other mistakes as required