Since contracts and agreements are the heart and soul of each company, we would like to take into account, when drafting and revising the contract, the following: by adapting the contract design phase of the contract in one place, there is no need to import, export, format or format the contract by e-mail. The contract is kept in the platform through the execution, management and renewal phases. In addition to the contracts themselves, a contract lifecycle management platform should store all context-related actions, such as contract auditing, discussions and versions. All of these tools have been designed to streamline and simplify processes to build strong and lasting contractual relationships. Many (72%) Internal consulting teams need to speed up contract implementation, which can lead legal teams to try to establish their contracts more quickly than reasonably. Unfortunately, when the drafting of the contract is dealt with in a hasty or unattended manner, teams often make mistakes that will need to be corrected later or may expose the organization to legal risk, which, paradoxically, makes the process even longer. Contracts between commercial partners, such as sales and sales contracts or joint venture agreements, often involve future review, based on events that occurred after the contract came into force. These contracts generally focus on the legal issues related to the transaction and not on the financial and accounting aspects of calculating future compensation. This does not mean that the formula is not defined in the agreement, but that the formulas are often complex and that the terminology used is ambiguous. Our commercial law team is made up of legal experts from different academic backgrounds, such as finance, accounting, science and technology, and is fully equipped with the Skill Set to carefully verify an imperfect contract and present you with a carefully verified version that matches your business requirements, the law and the current policy. The Khurana and Khurana team is aware of the problems that arise during the commercial relations and we have therefore brought all our experience and invest a lot of time and resources during the design phase to ensure that the business interests of our customers and, typically, business partners are protected from all sides and at all stages of the execution of the contract: pre-project, signature and until the full duration of the contract. Our team ensures that the clauses in the contracts/agreements are rigid enough to protect against subsequent misinterpretations and that they nevertheless have some flexibility to allow other parties/parties to take into account their requirements. The first phase of the contractual life cycle is the design phase.
Contract design is one of the most important parts of the contract management lifecycle, as it forms the basis on which the rest of the contract is based. The clarity and precision of contract writing is essential to ensure that the needs of both parties are met. In addition, a well-written contract can help provide a strong level of legal protection during each transaction. Here are some of the most important aspects that should be included in all projects, as well as important good practices for treaty development.