Mike Rehmus
February 21st, 2004, 07:18 PM
Paul Tauger wrote a comment that made me want to share my philosophy of contracts. Well, two, no three, actually.
Philosopy One.
Always write down your business goals for a specific contract and get the agreement of both parties before asking a Lawyer to write the final contract. The reason is that it is the responsibility of the involved parties to define the business case before they ask a Lawyer to participate.
#2.
Use what I call the Dump Truck Theory of contracts. That is, when both parties sign the contract and are then promptly run over by a dump truck, what does the contract say? If someone else then executes under the terms of the contract, they will execute what it says, not what the original two parties meant. So get it straight and ask yourselves, if we sign this and are no longer around, does what happens equal what we meant?
Three
There is no 'Standard Contract.'
Philosopy One.
Always write down your business goals for a specific contract and get the agreement of both parties before asking a Lawyer to write the final contract. The reason is that it is the responsibility of the involved parties to define the business case before they ask a Lawyer to participate.
#2.
Use what I call the Dump Truck Theory of contracts. That is, when both parties sign the contract and are then promptly run over by a dump truck, what does the contract say? If someone else then executes under the terms of the contract, they will execute what it says, not what the original two parties meant. So get it straight and ask yourselves, if we sign this and are no longer around, does what happens equal what we meant?
Three
There is no 'Standard Contract.'