Define legal aspects of Contract ManagementMay 5, 2016
While contract and procurement managers are not supposed to be experts in legal matters, it is quite difficult to look after a contract without a concept of understanding the main things about the contract and the inner meaning of important clauses and terms.
Provisions of common law
Provisions of common law are there which may impact also on the legality, form and nature of contracts for the building. Provisions of this common law contain:
The lawful necessities for formulating a contract, receiving of offer, including an offer, the lawful intent to formulate a contract, payment of consideration and the capability of the customers to sign a contract. Obligations of general types which are essential to a contract for both parties, for instance no party should perform anything which may obstruct the other customer from carrying out their obligations within the contract. When you are asked to define legal aspects of any contract, you will have to keep all these points in mind.
Common obligations for both parties about a contract, for instance, that neither of the party should perform anything which might obstruct the second party from carrying out their obligations within the contract.
Privacy of contract
To define legal aspects of the contract it has to be kept in mind that parties are legally obligated and at liberty to carry out the same. As a result, any contract between X and Y will not compel Z with any kind of obligations and on the other hand, any contract between X and Y cannot be put into effect by Z even though the contract is supposed benefit Z. This may be an problem while contracts are supposed to be beneficial to the third party along with the concerned party is dependent on this.