1. INTRODUCTION: A contract is an agreement which is enforceable at law. A contract consists of two elements: (i) An agreement (ii) The agreement should be enforceable at law 2. VOID CONTRACT: An agreement which is not enforceable at law is void contract. EXPLANATION: The word void means not binding in law. A contract which […]
A contract is a legal agreement made between two or more parties. There is a common saying that all contracts are agreement but not all agreements are contract. A contract contains certain specific elements that makes it legal. This means that the parties to the contract have either expressly or impliedly agreed to abide by […]
In any business transaction, contracts are integral documents. It include essential information about the relationships between the business stakeholders such as customers, suppliers, employees, partners, and the business organization itself. One organization may hold a lot of contracts thus making it difficult for them to monitor each. Having many can be very challenging in terms […]
If you sub-contract, it is most likely for one of two reasons: either the project requires specialist expertise which you can’t (or don’t) offer (e.g. a web developer outsourcing the branding and copy-writing aspects of a new website); or because you simply need extra resources to cope with your workload. This type of collaborative working […]
To successfully manage contracts for a government agency requires that you are able to: Develop suitable arrangements for managing the contract, including establishing risk management and communication strategies Monitor the contractor’s performance against the contract and deal with issues such as contract variations and disputes Complete the contract, review the contractor’s performance and prepare a […]
Your company may be at risk of significant financial loss and legal problems due to insufficient attention to contract management. Contracts are often involved when your company/organization purchases or sells goods and services, or enters into relationships with companies or individuals for a wide range of purposes. Most organizations can benefit from implementing better, consistent […]