Contract Drafting and Negotiating Tips

Here are tips for helping you finalize a great contract to your benefit.

Establish Your Objectives Strategy

Take the time to map out what you want out of the

Take charge of the draft

You always want to write the first draft yourself. Doing so can give you a tremendous advantage in shaping the negotiations. Writing the first draft allows you to:

• Define the issues to be addressed in the contract
• Set the tone of the business negotiations with the language of your choice
• Potentially limit the issues raised by the other party, since she may respond to the points raised in your draft before raising deal points of her own
• Structure the deal based on your own wish list, with payment and delivery terms most beneficial to you
• Avoid the hassle of renegotiating the other party's draft, which may be more time consuming than preparing your own first draft

Preparing the first draft of a contract can be a ton of work, but it is worth the effort.

Look at sample contracts and forms

The best way to start drafting a contract is to look at several sample forms that may be similar to your situation. If the sample forms are any good, they will alert you to issues that you may not have even thought about, and they can provide you with the necessary and appropriate language for your contract. Take a look for forms on the Web or in forms books.