Seven Key Contract Clauses

If you’re a lawyer, you’ll be familiar with most of these contract clauses but it’s vital that even non-lawyers understand what they mean for you.

Love them or hate them, we deal with contracts all the time. Improving your understanding of these contract clauses will help you in business and your home life. When you next sit across the negotiating table with a Donald Trump wannabe, keep these clauses in mind.

The Parties

We of course need to know the names and addresses of the people who are actually signing the contract but there may be issues if a business is one of those parties. In the UK, you’ll often walk into a big building in the City of London and find hundreds of organisations registered at that address so a company registration number or similar small detail will help to make the corporation unique.

Recitals

A good contract drafter will add ‘recitals’ as a heading to this part of the agreement just to signpost what to expect. The recitals (also known as the preamble) sets the scene for the contract. It tells the story of why this contract is being formed and serves as an extension of the contract title.

Governing Law