##What is Contract Drafting?
The drafting of a contract can be defined as writing all the terms and details of the contract and agreement, so that people entering into the contract can fully understand the terms of the agreement. A contract can be drafted by anyone there is no obligation for drafting the contract, although for a secure and reliable contract it should be drafted by a lawyer.
There are numerous benefits of entering of a contract which can be enumerated as below:-
i. A Contract clearly states all the terms:-
It enumerates all the responsibilities and duties for the each party involved. A contract contains a number of elements, therefore without a written agreement, it will be difficult for the people to remember each and everything about the contract. The overall process of preparing as well as drafting of a written contract also leads to a well-planned agreement. The contract also serves as a checklist to evaluate all the basic requirements on your to-do list.
ii. A Contract is legally enforceable:-
The agreements between the parties are legally binding. However, the written contract always enhances the enforcement opportunities. Without the written terms, a legal dispute is not enforceable by eye. Real estate transactions and debt payment agreements are among the contracts that is needed must be written.
iii. Prevents misunderstandings and Disputes:-
The terms and conditions specified in the agreement between the parties presents the clarity of the facts in the minds of the party to the contract, therefore it prevents the conflicts and misunderstanding between the parties.
iv. It reduces the risk of dispute relating to payments and the work performed under the contract:-
The parties are binding to performance of the contract if there is a breach of contract between them it will be settled as per the terms of the agreement between them, therefore due to the contractual relation the rights of both the parties are protected.
v. A valid Contract gives you peace of mind and security for the work being done by you.
vi. The Contractual relation between parties serves as a record for what was agreed between them.
There are many contracts which are generally used in normal course of business being :-
####i. General business contracts
a. Equipment lease:
These contracts are relates to the lease for a building or piece of equipment, including monthly payment, maintenance agreements and other related items as per their terms.
b. Partnership agreement.
Apartnership agreement can be defined as a relationship between partner, as well as their individual contributions to the business.