Bulletproof Your Contracts: Understand the Key Terms, the Difference Between an MOU and a Contract, and Much More!
Should your nonprofit require a formal contract for every business transaction? Are there situations when a “simple handshake” might suffice? What’s the difference between a Memorandum of Understanding and a full blown contract? Contracts are critical in employment situations, when holding major events, when purchasing a business, in dealing with vendors, when buying real estate, etc.—just to mention a few of the more obvious situations when a formal agreement is advisable. Often the nonprofit executive will need to at least prepare a first draft. It is also possible that a first draft will become the final signed document. A legal review may or may not be available. In these situations it is essential to be familiar with the key contract provisions that you’ll want to include in your agreements. For example, you’ll want to make sure you cover: scope, termination, deliverability, protecting intellectual property, confidentiality, severability, etc. Understanding such basics will go a long way to making sure that any uncertainties and the potential for a lawsuit later on are reduced, while protecting both you and your nonprofit.
Please join Sandra Pfau Englund, nonprofit attorney, as she takes you through 23 key terms found in most contracts and discusses the most common terms that can lead to disputes. Ms. Pfau Englund will also show you how to prepare and use a contract standard term template for hotel and other vendor agreements as a negotiating tool and to prepare for a successful project and relationship while providing an “escape plan” if the relationship turns sour.
Just a sampling of what this webinar will cover:
- The basics of a contract and the differences between a handshake, memorandum of understanding, and formal contract
- The risks for using the wrong type of agreement
- The key contract terms which should be included in an agreement—force majeure clause, termination, scope, governing law, price and payments, risks, protecting intellectual property, deliverability, severability, etc.
- The 23 key contract terms, and which ones are most important
- How to write clear contract terms
- How to untangle and understand common contract “legalese”
- How to identify the unnecessary language
- How to draft standard contract terms for your organization
- AND MUCH MORE!
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