Introduction
The terms and conditions of a contract are what create the legal obligations that flow between the parties. It is essential that one knows and understands what expectations exist between the various parties.
When negotiating a contract, extra care should be taken to ensure that contractual language is carefully reviewed and is the subject of discussion between the parties. One must not blindly accept standard form contracts presented to you for signature. These standard forms are typically slanted in favour of the party that has drafted the contract. Clauses which shift the risk in situations where this assumption of risk has not been expressly bargained for, are potentially problematic and must be at the forefront of the contractual review process. Negotiating a contract is an exercise in risk management. Properly structuring a contract is critical in evaluating and shifting as much of the risk as is reasonably possible to the other party. This article will briefly
