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How to Create Legally Binding Agreements

January 2022

When negotiating any type of business transaction and before entering into a contract it is important to be aware of the more common problems encountered when forming contracts and how to avoid these problems.

What is a Contract? Background and tips on legally binding agreements are as follows:

• When should I use (non-binding) heads of terms?

• What is the difference between a commercial contract and a consumer contract?

• Why should I have a formal contract?

• Creating “formal” commercial contracts, and alternatives.

• In contrast, relatively informal contracts pose greater risks.

• How to turn informal scrappy communications into a more formal contract? / Using “Subject to Contract”.

These tips will help you create legally binding contracts and direct you to relevant guidance notes and downloadable document templates to assist the task of forming contracts.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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