Author: Tim Cummins
Everyone in business is familiar with the concept of contracts. We draft them, we negotiate them and we manage them. But I want to start this article by answering two fundamental questions: what is a contract and what purpose does it serve?
A common answer is that a contract is a legal document and its purpose is to provide support in the event that the parties enter into dispute. However, this is a very narrow perception of the role that contracts can and should play in business relationships - and therefore our first 'best practice' is to highlight the need to understand the value that contracts can bring in international sales or procurement.
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