There are a lot of factors to consider when signing a contract that many of us do not always know about. It’s always a great idea to educate yourself on what technicalities there are when you are in a position to sign a contract. So, what does signing a contract mean?
According to Legal Match, a contract is an agreement between two parties creating a legal obligation for both of them to perform specific acts. Each party is legally bound to perform the specified duties such as rendering a payment or delivering goods.
When a party decides to add his/her signature on the dotted line, it means that he/she agrees to what is stipulated in the contract. It’s also good to know that not all contracts have to be in writing, they can be concluded verbally which is legally binding. However, it is wise to always have something in writing to protect all parties involved for any unpleasantness that may occur in the future.
It is pivotal that you fully comprehend what is stated in the contract that you are signing. You should be cognizant of what your signature means for when you sign it, it means you have read all of the content and you agree to it.
There are also instances when you should not sign a contract, when you do not understand what is stipulated or when there are added sections that you were previously not made aware of.
It is advisable to appoint a lawyer to review your contract if there are things that you do not fully understand. He/she can guide you through the process.
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