Course Description
1. Contract Basics Part 1: Overview
Objectives
- Ask questions and negotiate contracts with increased comfort.
- Present your own contract when one is necessary but not offered.
- Utilize contracts for relationship management, setting a positive tone, and facilitating a fair exchange.
- Negotiate or walk away from contracts that don’t have fair consideration.
- Internalize the importance of contracts in both worst- and best-case scenarios.
• Understand the three basic components of a contract and be able to recognize contracts in everyday life, including when you may casually accept the terms of a verbal contract.
• Understand the importance of memorializing agreements in writing.
• Understand the importance of reading every contract.
• Execute a more informal, yet binding, contract over email or text to get terms in writing when no other document is possible.
• Accept and offer contracts with increased comfort.
2. Contract Basics Part 2: Vocab Explained!
Objectives
- Utilize contracts as tools for relationship management, setting a positive tone, and facilitating a fair exchange.
- Present your own contract when you need one but it is not offered to you.
- Read and write agreements with greater comfort and feel empowered to use contract boilerplate language that’s appropriate to your situation.
- Internalize the fact that contracts are helpful tools in worst- and best-case scenarios.
• Brainstorm questions you want answered in a contract related to any given opportunity. Who, what, when, where, how, how many, how long?
• Understand more of what to look for in a contract when you are given one to sign.
• Identify contracts found in everyday life as well as professional situations.
• Define the following terms: License, Scope, Exclusivity, Territory, Term/Termination, Schedule, Intellectual Property Ownership, Governing Law Provision, Merger Clause, Dispute Resolution, ADR, In Perpetuity, Representations and Warranties, Indemnification, and Force Majeure.
• List and avoid contract red flags.
• Execute simple contracts for clarity in a relationship, incorporating concepts listed above.