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How can you ensure your contract is transparent?

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As an entrepreneur, you need to negotiate contracts and deals with different parties, such as customers, suppliers, investors, and partners. But how can you ensure that your contract is transparent, clear, and fair for everyone involved? Here are some tips to help you create and review contracts that avoid misunderstandings, disputes, and legal issues.

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Jorge Del-Bosque, PhD

Founder & Head of Artificial Intelligence at Nanu | PhD Conversational AI | Inventor | AI Expert

1 Know your objectives

Before you draft or sign a contract, you should have a clear idea of what you want to achieve from the deal and what are the essential terms and conditions for you. This will help you focus on the most important aspects of the contract and avoid getting distracted by irrelevant or minor details. You should also communicate your objectives and expectations to the other party and make sure they are aligned with yours.

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Jorge Del-Bosque, PhD

Founder & Head of Artificial Intelligence at Nanu | PhD Conversational AI | Inventor | AI Expert
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A contract reflects the nature of a relationship. I value symmetric relationships and strive to avoid engaging in asymmetric ones. Having negotiated more than 400 B2B contracts with customers and vendors, I meticulously review every clause whenever I receive a draft from a counterpart. I highlight any sections with imbalanced conditions (e.g. if the other party can cancel the contract with a 3-day notice while we are required to give a 1-month) and negotiate to address these inequalities.

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2 Use simple language

One of the main causes of confusion and conflict in contracts is the use of complex, ambiguous, or vague language. To ensure your contract is transparent, you should use simple, plain, and precise language that leaves no room for interpretation or misrepresentation. You should also avoid using jargon, acronyms, or technical terms that the other party may not understand or may use differently. If you need to use any specific terms, you should define them clearly in the contract.

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3 Be specific and detailed

Another way to ensure your contract is transparent is to be specific and detailed about the rights and obligations of each party, the scope and duration of the deal, the payment and delivery terms, the dispute resolution process, and the termination clauses. You should also include any relevant documents, such as invoices, receipts, proposals, or specifications, as attachments or references in the contract. This will help you avoid any gaps, loopholes, or contradictions in the contract that could lead to problems later.

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Jorge Del-Bosque, PhD

Founder & Head of Artificial Intelligence at Nanu | PhD Conversational AI | Inventor | AI Expert
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When drafting a new contract while working with our legal advisors, I ask myself: What impression do we want to give our customers? We aim to present ourselves as an ethical and trustworthy potential partner. To this end, we minimise external references to live documents that could be arbitrarily changed. This approach implicitly communicates to our counterpart that we value the relationship.

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4 Review and revise

Before you finalize and sign a contract, you should review it carefully and thoroughly to make sure it reflects your intentions and interests and that it does not contain any errors, omissions, or inconsistencies. You should also ask the other party to review it and provide their feedback or suggestions. If there are any issues or disagreements, you should negotiate and resolve them before signing the contract. You should also be open to revising the contract if there are any changes in the circumstances or expectations of the deal.

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5 Seek professional advice

Finally, if you are not sure about any aspect of the contract or if you encounter any legal or technical challenges, you should seek professional advice from a lawyer, an accountant, or a consultant who specializes in contracts and deals. They can help you understand the implications and risks of the contract, draft or review the contract for you, or represent you in case of a dispute or a breach. They can also help you ensure that your contract complies with the relevant laws and regulations in your industry and jurisdiction.

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Jorge Del-Bosque, PhD

Founder & Head of Artificial Intelligence at Nanu | PhD Conversational AI | Inventor | AI Expert
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Legal advice should be sought right from the very beginning. Working with lawyers is an excellent opportunity to learn about risk management and to prepare you for negotiations with your customers. They will help you understand the areas where flexibility is possible and those where there is no room for change.

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6 Hereâ€™s what else to consider

This is a space to share examples, stories, or insights that donâ€™t fit into any of the previous sections. What else would you like to add?

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How can you ensure your contract is transparent?

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1 Know your objectives

2 Use simple language

3 Be specific and detailed

4 Review and revise

5 Seek professional advice

6 Hereâ€™s what else to consider

Entrepreneurship

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How can you ensure your contract is transparent?

1

2

3

4

5

6

1 Know your objectives

2 Use simple language

3 Be specific and detailed

4 Review and revise

5 Seek professional advice

6 Hereâ€™s what else to consider

Entrepreneurship

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