The agreement is not a mere formality. Even long-term partners or best friends must conclude a correct contract between themselves. Anything can happen in business and good relations will develop into a long-term disputes, and a correct contract will allow you to protect your interests in advance.

Here is a short checklist of questions for drafting a contract:

• Who concludes the contract?

Elementary, right? I will tell you this, in the most elementary things there are risks. Check if the person who is negotiating with
you is definitely connected with this company and has the authority to sign.

• What is the subject of the contract?

Both parties must understand who and what is obliged to do, and in what time frame. For example, one person writes a song and transfers it and the rights to use it and another person pays a certain amount at a certain time. The song is transferred in a certain way (for example, on physical media or via cloud storage) and within a certain period of time.

• Associated obligations and promises

In addition to a simple description of the subject of the contract, it is necessary to fix side obligations. For example, a
song must be at least 3 minutes long, of a certain quality, in a certain language, in a certain arrangement, a guarantee of the
originality of the work, etc. The more detailed it is the less misunderstandings.

• Sanctions

To ensure discipline and motivation in the proper performance of the contract, it is necessary to prescribe provisions, fines or other punishments (except bodily injury) for violations of specific clauses of the contract or obligations, as well as the procedure for their payment. You need to understand what will happen if one party does not pay? What if the other side misses the deadline? What if the job is done and the other side doesn’t accept it?

• Force Majeure

If before the coronavirus pandemic and the war in Ukraine everyone copied the template text, now entrepreneurs should pay more attention to this clause. Unfortunately, many have come up against the fact that the template force majeure provisions do not adequately take into account their risks. In this case, issues not regulated by the contract are resolved according to the letter of the law, and as we know, it can be interpreted in different ways.

• Other arrangements

For example, confidentiality, where and by what right to sue, and when is a notification considered delivered to the second party?

Our lawyers have extensive experience in drafting and reviewing contracts. Leadlex is ready to help in drawing up the
necessary contract that will take into account your interests. 

For advice or help please contact us here

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LEADLEX law firm