There are different forms of commercial contract that can be used in different situations. Certain forms of contract are more suitable to more informal arrangements.
Under English law, most contracts do not need to be in a particular form. However, it should be noted that if the agreement is in the form of a deed then there are certain prescribed execution formalities that must be adhered to.
Many commercial contracts are in a traditional written format which comprises an introduction, then definitions and operative clauses/ terms and conditions which include standard boilerplate clauses and also schedules towards the end of the contract. The signatory clauses are generally at the end.
The traditional structure is by no means universal and there are a number of other formats, of which the most common is a structure which has the key commercial variables/ operative clauses and a space for signature on the first page, with terms and conditions plus schedules following. This has the advantage of removing the need for commercial solicitors to wade through terms and conditions including boilerplate clauses looking for the commercially significant provisions.
Another common format for evidencing a contract in a single document is the letter agreement. This will normally take the form of a letter from one party to another. Such a structure will evidence an agreement that is just as enforceable as one evidenced by a traditional, more formal document. Because of this, it will still be necessary to deal with many of the matters included in the traditional agreement, for example, correct details for the parties, clear performance and payment obligations, and at least a minimum of boilerplate provisions (although boilerplate provisions could be incorporated into the letter agreement by means of a reference to some standard terms, for example, those of one of the parties).
The form of contract that you choose will in general be determined by the nature of the commercial arrangement and to a certain extent the importance attached to it. In general larger projects with greater consideration will use more formal contracts.
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Why appoint a Corporate Consultant Solicitor?
Summerfield Browne Solicitors operate a hybrid legal services model which combines an innovative consultancy based provision of legal services with the more traditional legal services business model.
