Written and contributed by Mr. Kunal Madan
How to draft a watertight contract on your own ?
Drafting a watertight contract can be really simple if you follow these simple Do’s and Don’ts:
Always include the following clauses to avoid future litigation:
A. Consideration – value generated for each party.
B. Deliverables – what goods or services will each party deliver.
C .Responsibility – duties of parties while delivering.
D. Default – what shall be the damages in case of default.
E. Termination – when can the contract be terminated or deemed to be terminated.
F. Timelines of deliverables – how much time is allowed for each work.
E. Jurisdiction – which court shall be approached in case of a dispute.
A. Avoid using non-definitive words like ‘would’, ‘should’ etc. Instead, use words like ‘Shall’.
B. If you want to exclude something, avoid vague and generic words. Instead, use words like ‘only’ and ‘exclusive’.