What Is a Private Contract?
Contracts are legal documents that aim to recognize and govern both the rights and duties of numerous parties to a particular agreement. In the case of private contracts, said agreements will be centered around specific relationships between individuals. Examples of this will include an event contract, a sale of goods, a corporate agreement, a loan agreement, and a private loan, among various others. Like other types of contracts, a private contract can be written with or without the help of an attorney and can either be relatively simple or quite complex, depending on the specific demands.
How to Write a Private Contract
When looking to write a private contract, it is important to include certain key elements that are also present in various other contract types and outlines. For example, an offer and acceptance need to be present. Something of value must also be exchanged, such as goods, services, or even just a promise. Mutual consent is also something that needs to be expressed between competent parties. Without further ado, take a good look at the following steps and see just how swift the entire creation process can be as long as you know what you are doing.
1. Be Sure to Start Things Off With The Basic Information
Write the date at the very top of the page and then proceed to write down the names of all the parties involved. Full legal titles must be included so that there is no chance of misidentifying anybody or leaving out any important detail in regard to client or customer identity.
2. Write Down All The Necessary Details Regarding The Exchange of Consideration
Kindly do so in a clear, readable language so that it will be easy for just about anybody to understand. Whenever possible, simply make use of plain language, as opposed to any legalese. Make sure you leave nothing out when describing the goods or services contracts that are being exchanged.
3. Consider The Inclusion of an NDA
This is definitely something you’d want to add for private contracts, especially if you prefer making sure that the other parties do no share any contractual information with others. As an alternative, you can also make them sign an NDA even before entering the simple contract, to make sure that none can share the information without facing any legal action.
4. Include a Clause That Describes Potential Termination
Be specific regarding details such as how long the business contract is expected to last. Also include language in regards to the consequences of breaching the contract, as well as dispute resolution terms to specify how issues like contract breaches are to be handled should they occur.
5. Ensure That The Private Contract is in Accordance With The Law
Lastly, you need to make certain that your drafted private contract is totally in accordance with the law. Do your research so that you can be sure that everything you have included is legally enforceable. Once that’s done, leave spaces for each name, as well as spaces for the date your contract agreement is signed on.