Commercial agreements often are in the shape of a contract but, what is a contract? Simply put a contract is a legally binding agreement.
The law of contract is concerned with four basic questions, which is what you should be asking yourself whenever you are in doubt whether you have a contract or not.
These questions are;
#1 Is there a contract in existence?
The answer to this will depend on whether the essentials of a valid contract have been adhered to.
# 2 Is the agreement one which the law should recognize and enforce?
Some contract will be valid, void or voidable. This is to say that they will be enforceable, not enforceable or whose being enforced depends on the parties involved, all of which depends on if there exist some factors (vitiating ) undermining them.
#3 When do the obligations of the parties come to an end?
This entails termination of a contract the most common and effective way being when the duties and obligations have been carried out. It is worth noting that there are other ways of ending contracts.
#4 What remedies are available for the injured party if the other party fails to meet its contractual obligations?
Possible remedies include the right to terminate all obligations under the contract and monetary compensation for the loss suffered as a result of the failure (damages).
The point is…
The buying organization will seek to establish a detailed description of its requirements which can be communicated to potential suppliers. The requirements are what will form the basis of the agreement and if poorly done then the agreement, when executed, will just reflect that.
The agreement will take the form of; The agreement will take the form of; Specification (of various types), Service levels agreements (added to specifications), Contract terms, Key performance indicators, or performance measures which will be used to establish whether the requirements has been satisfactorily met
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