From the course: How to Read a Business Contract
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Choosing your essential, desirable, and acceptable terms
From the course: How to Read a Business Contract
Choosing your essential, desirable, and acceptable terms
- Knowing what you want in a contract is the foundation to be enabled to read a contract. Use EDA, which stands for essential, desirable, and acceptable to refine your five Ws, who, what, where, when, why. The essentials have to be in the contract, many of which are commercial points that you should know. You should know the names and addresses of the parties to the contract. Have they been included correctly? These vital details are often overlooked and are important because if there is a need to initiate legal proceedings, you need to serve notice at the right address. Other essentials could be start date, duration, what charges do you want to pay or be paid, when, and how. You also need to check to see if there are clear details of the deal or transaction, your obligations and the other party's obligations. If a stranger picked this contract up and couldn't tell you what it was about or you couldn't understand it, chances are that the obligations are not clear enough. Keeping terms…
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