Jonathan and his partner Drew understand they need to create a document to address stipulations for working with their vendors who supply building materials and home decor staging products for their home show. While drafting a contract, what key principles should Jonathan and Drew remember?
(1 point)
are you sure
- Clearly define the scope of work and expectations for the vendors.
- Clearly outline the payment terms, including any penalties for late payments.
- Include provisions for warranties and guarantees on the quality of the products supplied.
- Outline the process for resolving disputes or issues that may arise during the partnership.
- Specify any confidentiality or non-disclosure agreements that need to be established.
- Ensure the contract complies with any relevant laws and regulations.
- Consider including provisions for termination or renewal of the partnership.
- Review and negotiate the terms of the contract with the vendors to ensure a fair agreement for both parties.
Professional representation; legal structure
Professional representation; legal structure
Exchange of value; offer and acceptance
Exchange of value; offer and acceptance
Legal structure; exchange of value
Legal structure; exchange of value
Offer and acceptance; professional representation
Professional representation; legal structure
Offer and acceptance; exchange of value
These are the key principles that Jonathan and Drew should remember while drafting a contract with their vendors for working with building materials and home decor staging products for their home show.