Contract Questions and Answers

This is not a substitute for legal advice. An attorney must be consulted.

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What is the content of a contract?

In establishing a basic contract in most states, consideration should be given to: (1) proper identification of the parties; (2) the date of the contract; (3) the term or period of time over which the contract should apply; (4) the purpose of the contract; (5) the amount of consideration, compensation payment or cost; (6) the duties or obligations of the parties; (7) the specific item, property, location, territory or consequence to which the contract applies; (8) liability or insurance coverage relative to possible loss; (9) conditions under which the contract may be terminated; (10) changes or modifications to the contract terms; (11) special restrictions such as covenants not to compete; (12) maintenance, repairs, additions or modifications to a product used; (13) provisions relating to an assignment of the contract; (14) conditions under which portions of the contract may be waived; (15) interest on unpaid amounts; (16) renewal options; (17) special provisions or the application of special rules, laws, regulations, etc.; and (18) the state laws to which the contract may apply. The foregoing are some examples of the type of provisions that may need to be included in a typical contract. An attorney will be able to discuss each of these items and others with you.