Contract Dispute
Contract is a mutual agreement between at least two persons or parties, aimed at achieving a certain business goal. A contract can be oral or written, although, over the years, written contract has been preferred due to disputes that may arise in the later period of the contract. Often a lawyer is required during the mutual agreement, to ensure that the contract is legal, and serve as a witness of the agreement between the two. Contractual disputes can be during or even after the business process. This often results due to disagreements between the two parties or even misunderstanding.
Procedures in solving contract dispute
Contract Dispute Act is set by the United State that provides guidelines and procedures required whenever a dispute arises, and such disputes resolutions differ depending on the nature of dispute involved. Dispute resolution process involves filing a contract dispute between the two parties and seeks informal resolution with the institution, company, giving the contract. This is always solved with a set of legal counsel, with an exception of fraud cases involved. Dispute between the two parties can be solved informally, given twenty business days, and the parties can seek Dispute Resolution personals to aid in the mutual understanding. When informal resolution proves not to respond to the conflict resolving, Dispute resolving body then intervenes and sets the best method to be used to solve the dispute.
Contract Dispute form is then filled with the parties involved which includes; address, name and contacts of the parties involved, nature of the contract, detailed entities of the legal basis of the contract and even the date when the contract dispute form is filled. Monetary nature, monetary statement of the contract, signatures of both parties' representatives and means by which the form will be obtained by both parties. A copy of the filled contract forms is then left with the Dispute Resolving Body. Submission of the contract form can be joint, or each...
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