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Role of Law in Contracts

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Submitted By oyehitesh
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Introduction
Contract Management and Negotiation
Contract management is the management of contracts made with, vendors, employees, partners, or customers. The personnel involved in Contract Management required to support, negotiate and manage effective contracts are expensive to train and retain. It includes negotiating the terms and conditions in contracts and ensuring that the terms and conditions are complaint. It also includes agreeing on and documenting any changes or amendments that may arise during its implementation or execution. Contact Management can be summarized as the process of efficiently and systematically managing creation of contract, its respective execution, followed by analysis in order to get best possible financial and operational performance while minimizing risk.
Commonly commercial contracts include purchase orders, employment letters, utility contracts & sales invoices. These type of complex contracts are generally necessary for highly regulated goods or services, construction projects, goods or services with detailed technical specifications, intellectual property (IP) agreements & international trade etc.

Types of Contracts
Contracts under Seal: Traditionally, a contract was an enforceable legal document only if it was stamped with a seal. The seal represented that the parties wanted the agreement to have legal consequences. It was not meant to give legal benefit or detriment to any party, since the seal was a symbol of the acceptance of the legal effect and consequences of the agreement. Previously all contracts were required to be under seal to be valid, but now the seal has lost almost all of its effect by statute in many jurisdictions. The recognition of informal contracts by the court has diminished the employment & importance of formal contracts under seal.
Express Contracts: In an express contract, the terms are stated

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