{"id":842,"date":"2021-08-11T08:10:10","date_gmt":"2021-08-11T08:10:10","guid":{"rendered":"https:\/\/lawsikho.com\/blog\/?p=842"},"modified":"2022-04-02T16:14:02","modified_gmt":"2022-04-02T16:14:02","slug":"9-elements-of-a-standard-business-contract","status":"publish","type":"post","link":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/9-elements-of-a-standard-business-contract\/","title":{"rendered":"9 Elements of a standard business contract"},"content":{"rendered":"\n

WHY CONTRACTS ARE IMPORTANT FOR BUSINESS LAWYERS? <\/strong><\/p>\n\n\n\n

Drafting contracts is a quintessential skill for any lawyer. <\/p>\n\n\n\n

With the advance of technology, lawyers are required to be updated with the skills of new-age contracts such as end-user-license agreements, online transactional contracts, e-commerce agreements, software licensing agreements and a wide variety of other primarily tech-based contracts. <\/p>\n\n\n\n

All of them would need your contract drafting skills on various issues involving international trade and commerce.<\/p>\n\n\n\n

So, how would you draft that ideal<\/em> contract that your employer or clients would require out of you?<\/p>\n\n\n\n

For starters, the basic structure of all commercial contracts is similar across the world. <\/p>\n\n\n\n

This is because, without uniformity, it would be difficult for the global business environment to sustain itself and yet continue developing at a breathtaking speed – like it already is!  
<\/strong><\/p>\n\n\n\n

9 BASIC ELEMENTS OF A STANDARD CONTRACT<\/strong><\/p>\n\n\n\n

9 Elements of Standard Contract and How they Flow. See Table Below for Standard Boilerplate Provisions and the Image following that for Sample Signature Block Format<\/p>\n\n\n\n

BOILERPLATE PROVISIONS THAT ALMOST ALL BUSINESS CONTRACTS HAVE:<\/p>\n\n\n\n

9 STANDARD BOILERPLATE PROVISIONS YOU WILL SEE IN NEARLY EVERY BUSINESS CONTRACTS <\/strong> <\/p>\n\n\n\n

Sl. No.<\/strong><\/td>STANDARD PROVISION <\/strong><\/td><\/tr>
1.<\/td>Procedure to Modify Contract<\/td><\/tr>
2.<\/td>Rights of Assignment and Delegation<\/td><\/tr>
3.<\/td>Alternative Dispute Resolution<\/td><\/tr>
4.<\/td>Choice of Law and Forum<\/td><\/tr>
5.<\/td>Integration<\/td><\/tr>
6.<\/td>Severability<\/td><\/tr>
7.<\/td>Exculpatory Clause<\/td><\/tr>
8.<\/td>Force Majeure <\/td><\/tr>
9.<\/td>Attorney Fees<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\"\"<\/a><\/figure><\/div>\n\n\n\n

STANDARD SIGNATURE BLOCK OF BUSINESS CONTRACTS: <\/strong><\/p>\n\n\n\n

A standard \u2018Signature Block\u201d of a contract looks as below:<\/p>\n\n\n\n

\"\"
SAMPLE SIGNATURE BLOCK IN CONTRACTS. Source: FUNDAMENTALS OF BUSINESS LAW by Melissa Randall & Community College of Denver Students,, USA  <\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

This broad structure of business contracts remains the same globally.  However, there are many ways in which international or inter-jurisdictional business contracts differ from local or domestic contracts. <\/p>\n\n\n\n

For example, international business contracts have to be thorough on issues customs, tariffs, treaty-benefits, trade-barriers etc that exist diplomatically between the different countries. <\/p>\n\n\n\n

As a lawyer drafting an international business contract, you have to have a grasp of various bilateral and multilateral Free Trade or Preferential Trade Arrangements (FTA-s and PTA-s)<\/strong>, trade sanctions and various norms, rules and guidelines  of the International Chamber of Commerce (ICC)<\/strong> and the World Trade Organisation (WTO)<\/strong>.<\/p>\n\n\n\n

Likewise, international business contracts need to be thorough on questions of jurisdiction and arbitration. <\/p>\n\n\n\n

Thus, to draft, enforce or handle such contracts, an international business lawyer also needs a good grasp on the question of International Commercial Arbitration. <\/p>\n\n\n\n

Drafting international business contracts is a key skill to become a globally efficient business lawyer. <\/p>\n\n\n\n

But this is just one skill. To find the treasure-trove, you need to dive in deep. <\/p>\n\n\n\n

You may already know that business law can be a lucrative career option if you have the knack for it.<\/p>\n\n\n\n

You may also know that to make it big in business law you need to go international. <\/p>\n\n\n\n

But, haven\u2019t you often wondered how you can pick cutting-edge skills to become a successful international business lawyer?<\/p>\n\n\n\n

Check out our Youtube Channel to find out different aspects, tricks and tips to shine as an International Business Lawyer.  <\/p>\n\n\n\n

https:\/\/www.youtube.com\/channel\/UC0iUR87HJQnHQDPdxBfPqqg\/?sub_confirmation=1<\/a><\/p>\n\n\n\n

Join our WhatsApp and Telegram groups to stay updated on building a razor-sharp profile in International Business Law: <\/p>\n\n\n\n

WhatsApp: https:\/\/chat.whatsapp.com\/LRvsvhatFBB4Tbf4wRlmhY<\/a> <\/p>\n\n\n\n

Telegram: https:\/\/t.me\/joinchat\/2Tz3C070sQAwZmM9<\/a>\u00a0<\/p>\n\n\n\n

\n\n\n\n

Students of <\/em>Lawsikho courses<\/em><\/a> regularly produce writing assignments and work on practical exercises as a part of their coursework and develop themselves in real-life practical skills.<\/em><\/p>\n\n\n\n

LawSikho has created a telegram group for exchanging legal knowledge, referrals, and various opportunities. You can click on this link and join:<\/p>\n\n\n\n

https:\/\/t.me\/lawyerscommunity2<\/a><\/p>\n\n\n\n

Follow us on Instagram<\/a> and subscribe to our YouTube<\/a> channel for more amazing legal content.<\/p>\n","protected":false},"excerpt":{"rendered":"

WHY CONTRACTS ARE IMPORTANT FOR BUSINESS LAWYERS?  Drafting contracts is a quintessential skill for any lawyer.  With the advance of technology, lawyers are required to be updated with the skills…<\/p>\n","protected":false},"author":8,"featured_media":881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,11],"tags":[],"class_list":["post-842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careers","category-featured"],"_links":{"self":[{"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/posts\/842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/comments?post=842"}],"version-history":[{"count":5,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/posts\/842\/revisions"}],"predecessor-version":[{"id":1191,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/posts\/842\/revisions\/1191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/media\/881"}],"wp:attachment":[{"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/media?parent=842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/categories?post=842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawsikho-frontend-development.lawsikho.dev\/blog\/wp-json\/wp\/v2\/tags?post=842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}