Contracts have always formed a critical part of any business, and therefore of commercial litigation. In this era of commercialization, all businesses need and intend to enter into perfect contracts, ones that are clear enough to be easily understood by a person of ordinary prudence and at the same time detailed enough so that they cannot be willfully misinterpreted. However, it requires a lot of time to draft a legally sound and detailed contract so as to incorporate stipulations of the parties, in order to meet the objectives of such a contract with precaution and to minimize legal and business risk resulting from inconsistent language. Time and resources spent during careful drafting of Contracts / Agreements can save Corporations and Businesses from several legal issues.
The team at Khurana and Khurana is well aware of the issues that crop up during commercial relationships, and we, therefore, put in all of our experience and invest a lot of time and resources during the drafting stage to ensure that business interests of our clients and typically those of all contracting parties are protected from all angles and at all stages of contract execution: pre-drafting, signing and till the contract is fully executed. Our team ensures that clauses incorporated in the Contracts/Agreements drafted are sufficiently rigid to guard against subsequent misinterpretation and still have the flexibility to allow other party/parties to incorporate their requirements.
Our team ensures that the drafted Contracts/ Agreements contain suitably worded clauses about Jurisdiction & Applicable Law, Commercial Terms, Termination Clauses, Indemnity, Liability, Roles and Responsibilities of parties involved, timelines to be complied with, IP Ownership, Confidentiality, Technology Transfer, Turnkey Transactions, Distributorship, Force Majeure, Trademark protection, Escrow, etc. wherever relevant, and therefore are complete in all respects.
Contracts between business partners, such as Purchase and Sale agreements or Joint Venture agreements, often involve future consideration, contingent on events that will occur after the contract comes into force. These contracts are usually focused on 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 that the formula is not stipulated in the agreement, but rather that the formulae are often complex and the terminology used is ambiguous. Our Commercial Law team comprises legal experts from diverse academic backgrounds like Finance, Accounting, Science & Technology among others, and are fully equipped with the skill set to carefully review an imperfect contract and present to you a thoroughly examined version consistent with both, your business needs and the governing law and policy.
Legal vetting involves a meticulous examination of documents to ensure compliance with applicable laws. When contracts undergo legal vetting, it entails a comprehensive review of the agreement’s clauses to achieve the following objectives: safeguarding interests, defining specific roles, providing monetary security, establishing legal remedies, clarifying issues, and ensuring clarity in terms and conditions. Poorly drafted agreements can lead to confusion and may weaken one’s position due to ambiguities in language usage.
Our comprehensive services encompass various aspects related to business agreements. This includes drafting a wide range of agreements tailored to meet the specific needs of our clients. We also conduct thorough vetting of existing agreements, providing expert advice on necessary modifications and improvements. Additionally, our team offers interpretation services, ensuring a clear understanding of the terms and conditions within the agreements. We excel in agreement management, skilfully navigating negotiations and facilitating successful renewals. With our expertise and attention to detail, we strive to deliver exceptional support and guidance throughout the entire agreement process.