Lessons From 2002 For Contract Negotiators and Draftsmen
Mondaq Business Briefing › United Kingdom Law Articles in English (2003)
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Lessons From 2002 For Contract Negotiators and Draftsmen
2002 was a busy year in contract law. Cases like the high profile litigation between the Football League and Carlton and Granada made the headlines and explored fundamental contractual issues such as contract formation, authority, and the requirements for a guarantee.
So what lessons can be learnt from 2002?1. Heads of terms and offer letters should be reviewed before exchanging contracts, to ensure that all matters dealt with in the heads of terms are addressed in the final form agreement.2. Parties intending to assume obligations under a contract, including parents and subsidiaries of contracting parties, must be signatories to the contract.3. It is unwise to commit to substantial financial investment or to proceed for any substantial period of time on the basis of a heads of terms.All three of these lessons can be learnt from Carlto...See the full content of this document
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