5 Tips when signing a contract🧾🖋

Actualizado: 26 de abr de 2020

When signing a contract to buy property, hire a service of any kind, you agree to do or stop doing something and it is important that you are clear about the legal implications of the document that you will sign. In general, when a contract is signed, the parties are on good terms and everything flows correctly, but many times in the interim of the contractual operation to which the parties committed; Events and misunderstandings arise that may represent penalties or possible litigation. Consequently, what you have signed can increase or decrease your risk. Having said all of the above, I proceed to share my five recommendations when signing a contract.

1 Find out who the counterparty is: This should always be the first step in any negotiation, knowing who you are sitting with at the table. The ancient sage of the art of war Sun Tzu said "Know your enemy and know yourself, and you will be victorious in a thousand battles." Although this quote tells us about war, you should always be clear that any business can become a war and you should always look at it with high beams. 2. Before committing, first verify that you can comply with the agreement: This should be logical, but in my professional practice I have seen cases in which one or both parties, in the heat of the negotiation or the desire to receive an immediate financial benefit, committed to something that they could not fulfill. They subsequently incurred in breaches of contract that became economic penalties, lengthy and costly legal proceedings. 3. Analyze in detail the time you have to fulfill the obligation: It is easy to fall into default due to the expiration of a term established in a contract, although the times can usually be extended by means of an addendum to the contract. In practice it is not always possible; either because of the relationship between the parties or because it was a fatal time for the fulfillment of a negotiation on which the object of the contract depended. The basic recommendation is that when signing you try to get more time than you need, due to possible contingencies. 4. Research the object of the contract: This point applies to cases such as merchanting of movable or immovable property, in which it is important to know if the property has any restriction on uses, ownership or is subject to a judicial process prior to the negotiation that originated the contract that you are about to sign. 5. Use the services of a Lawyer: This should be the first choice of anyone entering into a contractual relationship; But in practice, many times they download an Internet contract model, with non-applicable legislation, drafting errors or with a different meaning from what is specifically required for the business in question. People sometimes think that they are saving money, but the reality is that hiring a lawyer saves money and often bigger problems. Always remember that if "having a good lawyer is expensive, not having it is more expensive," anonymous quote.

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!Until next time!

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