Contracts are the most common form of transaction that we encounter in our daily lives as well as in business. Here, DHP LAW would like to introduce some features for readers to understand the Contract.
1 What is a contract?
A contract is an agreement between two or more entities to bind the rights and obligations of the subjects.
Note: A contract is an agreement; but not every agreement is a Contract. If there is an agreement but does not give rise to the rights, obligations and responsibilities of one or the other parties to the agreement, such agreement shall not be considered as a Contract. For example: A agrees and agrees with B that Party A will drive Party B to school for 1 month-> this agreement is not a Contract; However, if this Agreement remains, but the parties further agree: B will pay A 100,000 dong if A drives B to school, then this Agreement is 1 Contract.
2 . What legal document is the contract specified in?
All types of contracts are generally provided for in the Civil Code; In addition, for separate contracts in each specific field, they will be further regulated in specialized legal documents, for example, goods sale and purchase contracts are also regulated in the Commercial Law, Real estate contracts are also regulated in the Land Law …
- How is the contract concluded?
In theory, a contract can be made in many different forms: oral, written, …. However, to be legally safe, it’s best to put it in writing.
In addition, some types of legal contracts are required to be certified by a notary agency, for example: Contract for sale of house/transfer of land use rights….
- Notes when negotiating, signing and implementing the Contract:
In order to avoid the risks encountered when a dispute occurs in the performance of the contract, the parties before entering into the contract should take careful and careful preparation steps. There are problems that seem to be very small or very simple, everyone knows, but if we do not pay attention when entering into the Contract, it is very likely that this carelessness will cause unpredictable consequences.
Through our practical experience in contract consulting, we would like to point out some notes for you while drafting and signing contracts as follows:
- Shouldn’t you trust your partner too much? Treat your partner as a stranger. Because when we have a trusting mentality, we will be dominated and do not ensure objectivity and “soberness” when negotiating a contract, easily creating a “satisfied” mentality.
- Define your goals and understand your partner’s goals;
- Beware of offers that are too open;
- Ask the question: Can I do it?
- Do not agree to terms you do not understand;
- Do not listen to explanations from one side.
- Beware of basic terms.
- Consideration should be given to measures to secure performance of obligations and measures to prevent risks.
- Consider how others have done;
- If in doubt or unsure, you should rely on a good lawyer for advice.
- Do not expect Model Contracts.
- When signing the Contract, if the Contract has many pages, the parties must sign on each page of the Contract.
The above notes are very important notes that we have distilled from the provisions of the contract and actual experience. If you pay attention to the above issues, make sure that the risks that you are likely to encounter will be minimized; on the other hand, you will always have peace of mind because you have maximum protection.
—————————————–
For legal assistance and/or enquiries, please contact: DHP LAW LAW – DHP LAW Address: L4-09.OT06 Landmark 4 Building , Vinhomes Central Park, 720A Dien Bien Phu, Ward 22, Binh Thanh District, Ho Chi Minh City.
Hotline: 0986.938.627
Zalo, Viber, Line: 0986.938.627
Facebook: facebook.com/DHPLAW
