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Commercial Contracts Drafting

Posted by aswin pada 6 Januari 2009


Striving for Excellence in Commercial Contracts Drafting

  

The basics of good commercial contract (drafting)

§      Understanding the business intention of each party to the contract

§      Understanding the expected role, contribution, achievement, responsibilities, liabilities, rights, and benefits of each party to the  contract

§      Understanding the intended meeting of the business mind of the parties, and maximum efforts to minimize differences

§      Measuring how good is the intention of the parties to close the deals

§      Identifying factors that might adversely affect the closing of the deals: time, funding, differences, attitude, culture, politics, legal barriers, changes in conditions, macro economics, force major, government, no sufficient commercial value of the deal, others

§      Understanding of the legal framework of the transaction

§      Understanding regulatory framework of the transaction

§      Establish a solid and supportive team work

 

      Preparation for negotiation: obtaining required studies, preparing strategy and techniques

      Establishing negotiation rule

      Assign first class contact drafter

      Drafting the contract using the following rules:

      Clarity, consistency, one meaning

      Language: simple and plain

      No dead lock, always guarantee exit clause

      Using authoritative precedents

      Choice of governing law that warrants legality and enforceability

      Choice of jurisdiction that warrants effective enforcement

      Choice of dispute resolution fashion that warrants fair and effective resolution

      Others

  

§      Stages in contract drafting:

 

     Ø     Meeting of business mind

      Ø       Memorandum of Understanding on basic preliminary agreements

      Ø       Preliminary studies

      Ø       Positioning

      Ø       Negotiation and commercial decision

      Ø       Contract drafting

      Ø       Closing

      Ø       Delivery

 

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