An agreement has two Sine Qua Non Ingredients i.e
a. characteristic ingredients
b. legal ingredients
A perfect agreement should have balanced application of both the ingredients.
CHARACTERISTIC INGREDIENTS
A well drafted agreement can be summarised with the following IMPORTANT CHARACTERISTIC INGREDIENTS
Simplicity
Clarity
Futuristic
Options
Definitions
Straight & small sentences
LEGAL INGREDIENTS
Whereas, the BARE MINIMUM mandatory LEGAL INGREDIENTS of an agreement to make it valid should be as below :
An intention to enter into legal relations
An offer & acceptance of the offer
Certainty with scope of work/services and obligations
Commercial considerations
Jurisdiction
Validity
Parameter to check performance
Place of Supply /Performace
Dispute & Settlement remedy
Completion Module & Documentation
Confidentiality
IPR Protection
Force Majeure
The aforesaid combination of “characteristic ingredients” & “legal ingredients” is often felt to be necessary . Especially, when it comes to tackle & defend a dispute, arising out of breach of condition(s) of an agreement , during an arbitration proceeding.
by Anand Mishra, Advocate, Founder AMLEGALS
( The author is a leading advocate and handling cases in Tribunals & High Courts of India . He can be contacted on anand@amlegals.com. For more please refer www.amlegals.com )
You may also like to refer
Seven Tips On Successful Arguement
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