A Commercial Contract is a legally binding agreement between parties which outlines the terms of a commercial relationship.
Examples of Commercial Contracts
Commercial contracts can be drawn up between businesses or between a business and their customers to formally agree things like
- Long term supply agreements
- Outsourcing contracts
- Distribution agreements
The contract is not required to be in writing and therefore it can be either be in writing or as a verbal agreement.
Four Essential Elements to a Commercial Contract
A Commercial contract must contain the following:
- The Offer – A pledge by one party to another promising to enter into a contract on set terms.
- Acceptance – The explicit agreement to the terms of the offer without any further negotiation.
- Consideration – The value exchanged by each party when entering into an agreement.
- Intention to create legal relations – The intention by all parties to enter into a legal contract. Without this, no legally binding agreement can be drawn up.
We Can Help
At MW Solicitors, our Mission is "To make quality legal services accessible to everyone" including our commercial clients.
If you need help drawing up a commercial contract or need high quality specialist Commercial Legal advice delivered in a timely and cost efficient manner, call us today on 0203 551 8500 or use our Contact Us form to arrange a callback.