Overview

Contracts

Why Are Contracts Important?

April 12, 2024

Why are contracts important?

Contracts offer us the possibility of performing various business functions. Without contracts, we won’t be able to manage the relationships, bindings, and promises created between various businesses or individuals. Contracts perform various functions as such the ones listed below.

Advantages of using a contract:

  • Contracts function as a documentation of rights, duties, and commitments. Contracts work as responsible records in which each party involved in the signing of the contract agrees to the terms and conditions available and mentioned. 

    The best contracts will mention and describe with caution and detail what each involved member has to do, and how those duties should be executed or carried out. Even more so, a contract needs to mention what repercussions can appear for each party, in the case of neglecting its obligations. Leading a contract to be useful for everyone involved, respecting their needs, and making sure everything goes as planned, minimizing any risk that may occur.
  • Contracts make sure that agreements are legally enforceable. Any contract offers a legally enforceable opportunity to agree on certain terms and conditions with one or more parties involved. So, a contract creates an environment where a promise that is mentioned in a contract can be legally enforced in court, only when one of the parties involved has breached the terms which they agreed upon.
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  • Contracts create formal relationships between the parties involved. A contract has the purpose of making sure that all the parties involved agree on the same terms and conditions to work together in a beneficial manner. They have the ability to create formal relationships and make sure that the relationship will be maintained throughout the contractual period.
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  • Contracts make sure all parties involved respect the terms agreed upon. Making sure your agreement goes as planned is what everyone needs. Getting, paid, sticking to the terms and conditions, and respecting everything that has been agreed in the contract is a must. 

    In the contract, you should discuss the amount of money that needs to be paid, the frequency of the payments, and all terms and dates. So, a contract will be a safeguard for you and your rights. 
  • Contracts can provide an environment where revenue can be increased. A contract can also be used to help generate more revenue and increase the chances. You can negotiate the terms of a contract and work them in your favor. So, if any barriers might occur, they can be prevented by the terms and conditions the party members have agreed upon. 
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  • Contracts assure good communication and a peaceful environment between the signing members. Having a great relationship with the members of the contract is an unwritten rule that will help you prevent contractual disputes. 
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  • Confidentiality is guaranteed with the help of a contract. Confidentiality is key in any contract, and a contract will help you make sure that this is respected. 
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  • Contracts make sure that a formal collaboration takes place between the teams and the parties involved.

Subject

Why are contracts important?Advantages of using a contract:
Contract Wiki

Here is everything to know about contracts! We specially crafted a wiki dedicated to all your needs.

Whether you're a seasoned legal professional, a business owner, or an aspiring entrepreneur, our wiki serves as your trusted guide, offering valuable information to help you understand, create, and execute contracts with precision and integrity.

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Frequently Asked Questions

Do you have a question?

Whether you're a seasoned legal professional, a business owner, or an aspiring entrepreneur, our wiki serves as your trusted guide
01

Why do I need a contract management platform?

A contract management platform is your best friend in growing your business. It helps you save money, time, and so much stress by eliminating repetitive tasks. This is where we at DocStrat come in! 

So, now, you have access to a complete all-in-one business management platform that is your solution for every legal, administrative, customer relations, and sales task. From contracts and invoice automation to an excellent CRM system to task management and calendar, you can manage and maintain all your business in one place. 

No more chaos. No more manual work. No more time spent juggling multiple tools and systems. We want to help you do it faster and better! And that’s why we have a platform for everything you need for your business.

02

Who can use a contract management platform?

The best thing about this is that everyone can use it. Whether you’re a freelancer, a small startup, or even an enterprise, a contract management system will 100% benefit you and your business. It ensures that you can increase your productivity and achieve your goals much faster than before. Now, you can focus on what truly matters – the success of your business. 

03

Do I need a team license?

It only depends on how you want to work and how large your team or company is. You can have a solo license, a team license for five users, and even an enterprise license for more than ten users. 

If you’re a solo freelancer, you can opt for the Basic package, and if you’re a small company with just one delegated person, the Standard package might be a suitable option. However, if you’re a company with multiple teams, you might want to consider a Team or Enterprise license.

04

How do I purchase a license for my entire team?

Depending on your team’s size and needs, you can purchase a license that can be shared and used by everyone on your team: Team Licence – for teams of up to 5 users, and Enterprise license – for large teams with 10+ users.

05

Can I upgrade my license?

Yes, absolutely! Contact us, and we’ll simply deduct the amount you paid for the actual package with the price for the license you want, and you’re good to go! You can immediately use the upgraded version of the platform. 

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Whether you're a seasoned legal professional, a business owner, or an aspiring entrepreneur, our wiki serves as your trusted guide, offering valuable information to help you understand, create, and execute contracts with precision and integrity.
Contract Wiki