WHY CONTRACTS ARE IMPORTANT FOR BUSINESS LAWYERS?
Drafting contracts is a quintessential skill for any lawyer.
With the advance of technology, lawyers are required to be updated with the skills of new-age contracts such as end-user-license agreements, online transactional contracts, e-commerce agreements, software licensing agreements and a wide variety of other primarily tech-based contracts.
All of them would need your contract drafting skills on various issues involving international trade and commerce.
So, how would you draft that ideal contract that your employer or clients would require out of you?
For starters, the basic structure of all commercial contracts is similar across the world.
This is because, without uniformity, it would be difficult for the global business environment to sustain itself and yet continue developing at a breathtaking speed – like it already is!
9 BASIC ELEMENTS OF A STANDARD CONTRACT
9 Elements of Standard Contract and How they Flow. See Table Below for Standard Boilerplate Provisions and the Image following that for Sample Signature Block Format
BOILERPLATE PROVISIONS THAT ALMOST ALL BUSINESS CONTRACTS HAVE:
9 STANDARD BOILERPLATE PROVISIONS YOU WILL SEE IN NEARLY EVERY BUSINESS CONTRACTS
| Sl. No. | STANDARD PROVISION |
| 1. | Procedure to Modify Contract |
| 2. | Rights of Assignment and Delegation |
| 3. | Alternative Dispute Resolution |
| 4. | Choice of Law and Forum |
| 5. | Integration |
| 6. | Severability |
| 7. | Exculpatory Clause |
| 8. | Force Majeure |
| 9. | Attorney Fees |
STANDARD SIGNATURE BLOCK OF BUSINESS CONTRACTS:
A standard ‘Signature Block” of a contract looks as below:
This broad structure of business contracts remains the same globally. However, there are many ways in which international or inter-jurisdictional business contracts differ from local or domestic contracts.
For example, international business contracts have to be thorough on issues customs, tariffs, treaty-benefits, trade-barriers etc that exist diplomatically between the different countries.
As a lawyer drafting an international business contract, you have to have a grasp of various bilateral and multilateral Free Trade or Preferential Trade Arrangements (FTA-s and PTA-s), trade sanctions and various norms, rules and guidelines of the International Chamber of Commerce (ICC) and the World Trade Organisation (WTO).
Likewise, international business contracts need to be thorough on questions of jurisdiction and arbitration.
Thus, to draft, enforce or handle such contracts, an international business lawyer also needs a good grasp on the question of International Commercial Arbitration.
Drafting international business contracts is a key skill to become a globally efficient business lawyer.
But this is just one skill. To find the treasure-trove, you need to dive in deep.
You may already know that business law can be a lucrative career option if you have the knack for it.
You may also know that to make it big in business law you need to go international.
But, haven’t you often wondered how you can pick cutting-edge skills to become a successful international business lawyer?
Check out our Youtube Channel to find out different aspects, tricks and tips to shine as an International Business Lawyer.
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