Contract Drafting for Procurement, Tendering & Commissioning

OVERVIEW

Drafting of contracts is essential to bridge a negotiation or agreement with a specific purpose or a common goal. Preparation of the contract is defined as a process to produce an agreement. Before a deal or agreement is established, the bargaining that results in conformity of the will is called negotiation.

The importance of effective contract drafting can determine the success of a partnership. However, many businesses do not understand how to draft a contract properly and effectively which causes problems in the future. Contract is the basis of the rights and obligations between parties in business activity. Therefore, the preparation of contract negotiations is closely linked with the elements that must be done in advance because technical negotiations act as a basic phase before formulating into constructing the clauses in the contract/agreement. A contract must be stronger to identify and minimize the risks for the organization and…