Contracts vary in their structure, complexity and goals, but they can safely be defined as legally binding agreements between two or more parties made voluntarily. They are frequently multi-layered and subject to endless back and forth negotiations before they are finally executed, but they share a similar language that helps streamline their creation. It is important to always read and understand exactly what is expected of you before signing a contract, but with a handy glossary of basic contracting terms, you can get know at a glance the terms you’ll see more than once during the contracting process.
The arguments for and against standardizing contractual language
It seems everyone in the contracting world has an opinion about how a contract should be drafted. We recently published an article by Seattle Lawyer Jordan Couch, “The 3 Rules of Contract Drafting” - http://blog.contractroom.com/the-3-rules-of-contract-drafting. This article attracted more visitors and comments than most articles posted on our blog. While many readers agreed that Jordan Couch’s rules were good guiding principles, many offered alternative opinions similar to that of Contract Manager, Andrew Milchem from Milchem Group in Adelaide Australia. He posted this comment on the IACCM Group on LinkedIn for Contract & Commercial Management professionals: