A contract is a legal transaction in which the parties agree to produce results for a specific purpose. There is always a creditor and a debtor in the contract and the parties are under obligation to each other. The subject under obligation with the contract binds both parties for the duration of the contract and in accordance with the conditions in the contract. A signed contract is among the strongest evidence in legal disputes.
Contracts are documents that must be issued in writing. Therefore, there must be two parties in question. It declares a legal obligation and requires mutual approval. Accordingly, for a contract to be valid;
– There must be mutual approval,
– Offer and Acceptance Issues: The parties should clearly stipulate the subject of the agreement. There should be elements of offer on one side and elements of acceptance on the other side.
– The situation to be considered should be determined.
What are the Points to be Included in a Contract?
1) Title of the contract
2) Date of the contract
3) Names of the parties
4) Subject of the contract
5) Rights and obligations of the parties
6) Penalties for non-fulfilment of the contract and penal clause
7) Guarantees to be given by the parties against the obligations in the contract
8) The names and surnames of the parties must be included at the end of the contract
9) The contract must be prepared in triplicate.
Points to be considered when signing the contract:
– When signing the contract, check the signature authority of the other party.
– Attach the signature circular and Trade Registry Gazette to the contract annex.
– Of course, it is a more guaranteed method to make contracts in the presence of a notary public.
– Contracts should be prepared in copies as many as the number of parties and one copy should remain with each party.
– Each page of the contracts must be signed and sealed separately by the parties.
– The commercial titles and names of the parties must be written in accordance with the original in the registry newspaper or in the identity card.
– The obligations of the parties should be written in a clear and understandable manner and there should be no room for interpretation and doubt.
– The figures written in the contract should also be written in writing.
– The contract must contain either a guarantee or a guarantor.
– After the parties have agreed between them, it is possible to write any matter that is not contrary to the law in the contract.
– If there are foreign currency transactions in monetary amounts, the exchange rate to be taken as basis in case the payment is not made in foreign currency should be determined.
What are the Types of Contracts?
1) Sales Contract
2) Lease Agreement
3) Service Agreement
4) Marriage contract
In addition to these contracts, there are many contracts signed in business life. These contracts are; Concession-marketing agreements, loan agreements, agreements providing guarantee conditions, single seller agreements and factoring agreements.
If you are going to sign a professional contract, we recommend that you get the support of a lawyer and legal counselling support for legal audit.
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