How to Execute a Contract or Agreement

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A contract is a legally binding document that outlines the terms of an agreement between two or more parties. It generally outlines the rights, duties, and obligations of each party, as well as the conditions under which the agreement may be modified or terminated. A contract can be written or verbal, but it is usually best to have a written agreement to ensure that all parties understand the agreement and the details of their obligations.

00:00 Intro
00:24 Make sure to do this before signing a contract
00:53 Want to void a contract? Watch this!
01:09 This is not required but you have to do this!
02:00 Do this when signing an agreement with a company

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📃TRANSCRIPT:

Hello, I’m Nadia MacLeod from RP Emery Legal Kits, and we help you cut your legal costs with our online template kits.

By executing a contract, you agree to the terms and conditions and show that you are willing to be legally bound by them. Let’s break down everything you will need to do to execute a contract or agreement properly.

Step one might sound obvious, but it is where most mistakes happen. Read, and make sure you understand, the entire contract. Don’t assume you understand a particular clause and don’t feel pressured into signing until you are confident. Speak to a lawyer or accountant if necessary. Sometimes, such is the case with many financial agreements, you are obligated to seek independent counsel.

Once a document is signed, it is difficult to void a contract. Failing to understand the fine print is not considered a legal defence for breaking an agreement. If you disagree with a clause, ask for an amendment.

While not legally required, many people ensure their contracts and agreements are initialled on each page. This adds further evidence that the entirety of the document was examined and understood. It also decreases the chance of the document being tampered with in the future.

When a document is signed, it must be by all affected parties, with each signature clearly linked to the name of the person or representative. This signature should also be dated. Some signing pages may ask for further information, such as titles or addresses.

If you are signing as a company representative, you must follow the rules laid out by section 127 of the Corporations act. For more information about these rules, please check out our link below. If you sign an agreement with a company, you should search to confirm that the other signatories have appropriate rights.

Parties can sign agreements at different times in the presence of a witness. Such a contract will be valid if all parties receive copies of the finalised contract. You could also discuss using other options, such as counterpart agreements.

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RP Emery & Associates is an internet-based legal publishing service. Since 1990 we've worked with lawyers to provide the business community and individuals with professionally drafted, ready-made single contract templates and contract template kits.

Whether you’re looking for contracts for general business, employment, real estate, leasing, or financial agreements. RP Emery offers you a cost-effective legal solution that you can access from the comfort of your own home or office any time of the day or night.

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This video is for informational purposes only and is not intended to constitute legal advice. Any viewer making use of this information does so at his/her own risk. Viewers are advised to take independent professional advice before acting on any of the information or materials found here. We will not be liable for any losses and damages in connection with the use of our videos.




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