A seminar on contracts terms and understanding at the Institute of Chartered Accountants of India -21 November 2018

The advantage of having an agreement is that you can enforce your rights if something should go wrong. Yes, an oral agreement is just as good as a written agreement but the latter requires less effort and evidence to prove its validity and existence. It forms the basis for which the parties can begin negotiation and reduces the chances of heavily litigated costs. In some cases, it protects the parties from being exposed to the public, particularly where reputation may risk damage or reducing fluctuation of currency exchanges. Contractual terms should not be replicated without being mindful of its implications cos replication or download from the world wide web may be plentiful, it may not apply to your particular circumstances, indeed, it may work against you e.g. logistic contract is downloaded and used when the business itself calls for a transportation agreement.

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