Q: What are the other essentials in contract drafting ?

Ans: The essentials for a well-drafted contract are as follows: 

Specifying the parties– The consideration as well as timing of services and it is mandatory for a contract to specify the names of the contracting parties, irrespective of them being an individual or business entity. The consideration involved in the transaction and the time of the transactions would also be clearly stated. 

Defining the services to be performed – The scope of work for which the parties enter into an agreement must be defined. The obligations and duties of each party should be specified. 

Completion of contract – The purpose of a contract is over once each party performs their part of the agreement. Thus, it becomes significant to define the timing of all transactions or services involved. The contract should include a clause that defines its period and a provision for termination once the purpose is served.

Provisions for resolving disputes – It is fairly common for grievances to arise between parties to a contract including provisions for dispute resolution in advance is a requirement. 

Defining jurisdiction – While not entirely necessary, the parties may choose to predetermine which court has jurisdiction to approach to settle any possible disagreements. 

Specific Clauses – Certain special clauses can be entered into a contract to tighten the protection of a client’s interests. A good example of such a clause which gives direction to the parties to handle specific situations which may arise in the future.