Contracts have always formed a major part of any business, and therefore have always formed an integral/fundamentalpart of commercial litigations. In this era of commercialisation, all businesses need/intend to enter into perfect contracts, which is the one that is clear enough to be easily understood by a person of ordinary prudenceand at the same time detailed enough so that it cannot be wilfully misinterpreted. However, it requires a lot of time to draft a legally sound and detailed contract so as to incorporate the stipulations of the parties in order to meet the end object of such contract with precaution as to minimize legal and business risk resulting from the inconsistent language. Time and resources spen during drafting of Contract / Agreement stage can save the Corporate and business houses from a lot of pain during intended relationships.
Our teams at Khurana and Khurana are well aware of issues that crop up during commercial relationships, and therefore put in all of our expeirence by investing a lot of time and resources during the drafting stage to ensure that our client’s business interestsand typically of all the contracting parties are protected from all the angles from “womb to tomb” that is at all the stages of contract execution – pre-drafting, signing and till the contract is fully executed. Our teams ensure that clauses incorporated in the Contracts/Agreement drafted is sufficiently rigid to guard against subsequent misinterpretation and still have flexibility to allow other party/parties to incorporate their requirements.
Our teams ensures that Contracts/ Agreement drafted contain suitably worded clauses about Jurisdiction & Applicable Law, Commercial Terms, Termination Clauses, IP Ownership, Confidentiality, Technology Transfer, Turnkey Transactions, Distributorship, Force Majeure, Trademark protection, etc. and therefore are complete in all respects.
Contracts between business partners, such as purchase and sale agreements or joint venture agreements, often involve an element of future compensation based on events that will occur after the contract is in force. These contracts are usually focused on the legal issues involved in the transaction and not on the financial and accounting aspects of how the future compensation will be calculated. That is not to say the formula is not stipulated in the agreement, but rather that the formulas are often complex and the terminology used is ambiguous.