Contracts

A successful business venture begins with a good contract that reflects the needs of the particular project and fairly and reasonably allocates risks and rewards among the parties. Panama Maritime Lawyers regularly assists small and large businesses with contracts, from quick consultations on contract provisions to drafting and negotiating agreements for complex projects.

Some of the contract review services our firm provides include:

  • Modifications to standard industry form contracts
  • Negotiation and preparation of contracts for unique or complicated projects
  • Preparation of purchase order forms
  • Advice on project delivery methods and contract types

Contract Negotiations

When negotiating the terms of a contract, the parties to the contract will bargain for their own best interests, but it is important to remember that:

  • Parties should be comfortable with their contractual duties and obligations
  • The intentions, requirements, and expectations of each party regarding the other party need to be clearly stated at the beginning of negotiations
  • Negotiating for a remedy within the contract, in the event there is a breach by either party, may save future time and expense

Although it may seem obvious, before signing a contract, each party should read it. When reviewing the contract, each party should make sure they understand the stated obligations under the contract, since if they sign it, they may be liable for a breach should uncertainty as to their respective duties and obligations exist.