There are many different situations that will require you to sign a contract. For instance, if you ever start a brand new job, you will be given a contract of employment that will need to be signed by you and your new employer. This is so details, such as the scope of employment and your salary, are outlined before you begin. You will also need to sign contracts when selling a piece of property, taking out a new loan, or licensing some of your photography or art. In fact, contracts require signing in most scenarios!
However, you shouldn’t just sign on the dotted line before you have thoroughly read through the document and got all the answers to any questions you may have. Make sure you know all of the following before you do sign.
Know Which Points Are Negotiable
There will always be some points and clauses in contracts that are completely negotiable. For instance, when it comes to most employment contracts, you will be able to continue your salary negotiations right up to the point you sign. It’s important that you know what you can negotiate on so that you get the chance if you want to. However, just because you do question a point or try to change a clause, there is no guarantee that you will be successful.
Find Out The Expiration Date
Every contract will have an expiration date. If the contract has not been terminated before this specific date, then it will no longer be valid after this point. It’s important that you make a note of this date so that you don’t forget. When the expiration date is approaching, you will need to organize for a replacement contract to be drafted up so that you are always covered by one.
Make Sure All The Blanks Are Filled
All enforceable contracts need to have all their blank sections filled in. Otherwise, they might not be valid and you might have trouble enforcing them. So, before you do sign on the dotted line make sure you have one final check of the contract and see that all the blank sections have been filled in, including your name, address, and the date on which you sign.
Consider How Potential Disputes Will Be Resolved
Whenever someone wants to dispute a point in the contract or someone breaches their side of the agreement, the dispute can sometimes escalate and be taken to court. Obviously, this can end up in a very lengthy and expensive legal battle, something which neither party will want. For this reason, most people will add a clause in the contract detailing how potential disputes should be resolved so that they don’t end up in court. Make sure that there is this clause in the contract so that you don’t end up in a legal battle with the other party!
Hopefully, you will remember all of these points next time you need to sit down and sign an important contract. Forgetting to do so could cause some problems at a later date!