Essentials to Contract Drafting
Before we move on, let me highlight that there are some essential elements to contract drafting process. After you have understood the transaction, taken care of your client’s needs and considered your audience, then comes the real work.
What are these essential elements?
First element is your drafting skills. You may think yourself to be a skilled drafter. But, if you are not willing and open minded about learning new tricks to develop your skill, you will never become one.
Author has worked for more than a decade on drafting different types of contracts, and still gets lots of opportunity to learn new things. It is author’s belief that even if one has drafted hundreds of contracts, it is not enough to become an expert in contract drafting.
Because, as you progress in your career you may get an opportunity to vet and draft more complex contracts. Some may even require your understand the technicalities behind the transaction. As an example, ‘Internet of Things’ and ‘Blockchain’ are recent internet based technologies. If you are asked to draft a contract that deals with such technologies, you will be required to understand the technology, at least in layman’s terms, before you can even think about drafting the contract.
Second element is your legal knowledge. Law is an ever evolving subject. So, unless you are aware about latest legal developments, you will not be able to draft. Sometime, your lack of legal knowledge will put you in a fix. So, you must always keep learning about latest legal developments.
As an example, let us consider law relating to ‘specific performance’. If you do not know, prior to enactment of “The Specific Relief (Amendment) Act, 2018“, the court’s had discretionary power to grant relief of specific performance of contracts.
Do you think this amendment impacts drafting of a contract?
Third element is your soft skills. These include the way you write, speak, carry yourself among your peers. Do you think if you show empathy, it may help you in your negotiations with counter-party? If you do, consider investing time in developing your soft skills.
There are many more essential elements for a contract drafter. But, if you focus on above three, these should be enough to help you improve and become a better contract drafter everyday.
So, if you are ready, let’s move to next lesson.
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