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Commercial Agreements

Negotiating, Forming and Managing Contracts Templates

Contracts form the foundation of virtually all commercial transactions and play a fundamentally important role in business. It is therefore important that during the life of a contract there is proper monitoring and management of it and that all legal procedures under the contract are implemented in accordance with its terms. 

This subfolder contains a range of documents designed to deal with each stage of the life of a contract, including expiry and/or termination of the contract.

In this subfolder, there are:

• a Deed of Variation, designed to ensure that changes made to the contract after it is signed become legally binding;

• a range of letter templates which deal with a large number of common interactions between the parties, ranging from a simple change of contact details to notices of breach and legal action;

• Forms of agreement which provide templates for mutual ending of a contract and mutual release from liabilities; and

• Novation letters which are designed to allow for smooth transitions where business ownership is transferred.

These contract management documents should be used with care and always in a way that is compatible with the terms of the original contract.

Negotiating, Forming and Managing Contracts Templates is part of Business . Just £38.50 + VAT provides unlimited downloads from Business for 1 year.

Frequently Asked Questions

We agreed a change to a signed contract. How do I make sure the change is binding? +
Record it in writing and make sure it is legally effective. A variation generally needs fresh consideration (something new each way) or it must be made by deed, which needs no consideration. If your contract says changes must be in writing and signed, an oral change will not count. A deed of variation puts the change beyond doubt, and this subfolder includes one for that purpose.
Our contract says changes must be in writing. Does a verbal agreement to change it still count? +
No. Where a contract contains a no oral modification clause, the Supreme Court has confirmed that an oral variation is invalid: the change takes effect only if it is put in writing and meets the clause's requirements. So do not rely on a phone call or a handshake to vary the deal. Put every agreed change into a signed written variation.
The other side has breached the contract. What should I do before threatening to walk away or sue? +
Act in line with the contract. Check the breach and any notice or cure provisions, send a clear written notice of breach that follows the contract's requirements and keep a record. Terminating for a breach that does not justify it can itself be a wrongful repudiation, exposing you to a claim. This subfolder has letters for breach, remedy and legal action to help you follow the right steps.
I want to transfer my contract to another company, or take one over. Can I just assign it? +
Not always. You can usually assign the benefit of a contract, but you cannot transfer your obligations by assignment: for that you need a novation, where all three parties agree to replace one party with another. Novation is the right route when a business is sold or restructured. This subfolder includes novation letters designed to allow smooth transitions where ownership is transferred.
How do we end a contract early by agreement, cleanly on both sides? +
Use a written agreement that both parties sign, recording that the contract ends and, importantly, releasing each side from future liabilities, a mutual release. Ending things by a vague conversation leaves loose ends and possible claims. This subfolder provides forms of agreement for mutual ending of a contract and mutual release. Always check the step is compatible with the original contract's terms.
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