A contract should only be signed after you know what you will be bound with after signing it. It can be dangerous if you have chosen some stereotype or boilerplate format that probably suits requirements of someone else who had different requirements than that of yours. Signing one-sided agreement can also, in future, cause trouble to parties due to non- enforceability or validity of clauses that form part of such agreement. Usually, contracts are easy to understand but problems may arise at certain times and sometimes even a simple and harmless looking clause can create problems and hence it is advised to get the contracts vetted by experts so that there isn’t any problem in the future.
It is not uncommon that due to poor drafting of clauses of a contract, the contract becomes susceptible to misinterpretation by one of the parties. Our counsels not only critically analyse already drafted clauses, but also add further clauses to ensure that all interests of the client are accurately met. We at IP and Legal Filings (IPLF) have a dedicated drafting and vetting team that is specialised in reviewing voluminous contracts catering to different industry verticals such as Real Estate, Healthcare, Insurance, Banking, Financial Services, Technology to name a few.
Understanding expectations, desired objectives, and subject matter from the parties forms the first step of Contract Drafting.
If the contract does not have appropriate clauses that are in accordance with the subject matter and the desired objectives, an amendment to existing clauses is done along with the addition of new clauses so as to make the contract comprehensive and water-tight.
After necessary iterations, the agreement/contract is finalized and the timeline as well can be appreciated, time taken for contract vetting depends largely on complexities of the subject matter covered. However, on an average, we conclude the process within 7 to 10 working days.
- Draft of the Contract
- Collateral Documents.
1. Contract Drafting or Contract Vetting, which option is better?
Contract vetting should be considered as a better option only when the contract has been drafted by a person familiar with the legal consequences of contracts. If the contract has not been drafted by a competent person, getting it drafted from an Attorney having sound knowledge of applicable laws is a better option than contract vetting.
2. What is the primary difference between your service in contract drafting and contract vetting?
In contract drafting, our team will draft a contract from the starting to the end. Whereas, in contract vetting, our team shall act as a reviewer of an existing contract template that may be drafted by someone else, and undertake requisite additions and deletions in the existing contract template.
3. What are the advantages of contract vetting?
- Provides a chance to amend the structure, language and format of the contract
- Prevents from any trouble in the future
- Identifies any ambiguity in the existing contract
- Rectifying such other errors as necessary