Question

Note: the words must be at least 1000

Draft a contract between you (Company owner) and the Dubai Mall to make an fashion exhibition, containing typical elements of the contract.

Answer 1

Fashion exhibition is one of the promotional tool that brings buyers, sellers and the competitors in a commercial setting. Since customer have to spend time and money in attending an exhibition. Customers who attend an exhibition are interested in the product.

Objectives of exhibitions.

· Create awareness and develops relationship

· Provides product demonstrations

· Gathers competitive intelligence

· Introduce a new product

· Improve company image

· Make a sale

Oral agreements are legal and binding in many situations. In the business world most agreements should be in writing. A written agreement is less risky than an oral agreement because you have a document that clearly spells out each party rights and obligations in case of confusion or disagreement.

Some tips for making solid business agreements:

· Simple

Short clear sentences with simple, numbered paragraph headings that alert the reader to what is in the paragraph.

· Deal with the right person

Don’t waste time negotiating a business agreement with a junior person. In small organization it might be one of the owners. In a larger organization it might be a Chief Executive Officer or Chief Operating Officer.

· Identify each party correctly

You need to include correct legal names of the parties to the contract. So it is clear who is responsible for performing the obligations under the agreement and who you have legal rights against if things go wrong.

For example if a business is organized as an LLC or a corporation identify it by its correct legal name LLC suffix not by the names of the people who are signing the agreement for the business.

· Spell out all of the details

The body of the agreement should spell out the rights and obligations of each party in detail. If you forget to include something you can always create a short written amendment or if you haven’t signed the agreement you can handwrite the change into the contract. If the parties initial the change it becomes the part of the contract.

· Specify payment obligations

Specify who pays whom, when the payment must be made and the conditions for making the payments. Consider including the method of payment as well while some people might be okay with a business cheque or business charge card, while others might want a cashier cheque or even cash.

· Agreement on circumstance that terminate the contract

If one party misses too many important deadlines, the other party should have the right to terminate the contract without being on the hook legally for violating the agreement.

· Agree on a way to resolve disputes

Write into your agreements what you and the other party will do if something goes wrong. You can decide that you will handle your dispute through arbitration or mediation instead of going to court which takes up a lot of time and money.

· Pick a state law to govern the contract

If you and other party are located in different states, you should choose only one of your state laws to apply to the contract to avoid sticky legal wrangling.

· Keep it confidential

Your agreement should contain mutual promises that each party will keep strictly confidential, any business information it learns of while performing the contract.

These are the important tips to draft a contract.