| I did not understand contracts and I still do not | | | | And guess what, a contract is not set in stone. |
| understand contracts | | | | There is scope for both parties to renegotiate |
| Thus said Janette, the mother of International and | | | | some or all of the terms of the contract. |
| Manchester United footballer Wayne Rooney as | | | | However, it is advisable to have written evidence |
| she sat in court earlier this year at the hearing of | | | | of any variation to the original terms of the |
| a contract dispute between her son and his | | | | contract. |
| former agents. | | | | There is this misconception that a contract is only |
| And she is not alone - so many of us recoil at the | | | | made in writing, but verbal discussions can also |
| mere mention of the words contract, agreement | | | | amount to a contracting situation. And this is |
| or terms and conditions. Then there are those of | | | | where it becomes extremely difficult to reach an |
| us who rely on a wing and a prayer, and the | | | | agreement about who said what! One party might |
| traditional handshake between two gentlemen, | | | | simply have forgotten any verbal representations |
| when dealing with their clients or suppliers. | | | | that he or she made leading up to the unspoken |
| Well it is time to get real! In the words of Meil | | | | agreement to contract. The worst case scenario |
| Stein, the agent representing Wayne Rooney:in | | | | is that one or both parties are simply unscrupulous |
| the real world, people do in the world of sport, | | | | and wish to dishonour the agreement. All this |
| renegotiate contracts, however long they are, at | | | | hassle can be alleviated, if we get in the habit of |
| early stages and companies and clubs sit down | | | | simply putting to paper what we have agreed. |
| and renegotiate because they want to have a | | | | And this applies to our personal relationships too. |
| happy client. | | | | O.K. you might not want to go as far as a pre |
| A contract, far from being a source of worry and | | | | nuptial agreement, but there are other |
| concern should really result in a happy client | | | | transactions that can be committed to paper e.g. |
| relationship. The contract should help both parties | | | | family loans, joint venture agreements between |
| to put in writing what they have agreed. Yes, it | | | | family members or friends are two that spring to |
| might be littered with legal jargon, but at the very | | | | mind. |
| least, it should simply set out the following details: | | | | Janette with the backing of her sons millions can |
| - the parties to the contract | | | | probably get away with simply saying that, she |
| - the length of the contract | | | | does not understand contracts. However, if you |
| - the product or service to be delivered | | | | are a small business owner or self employed |
| - the fees involved | | | | person, you must make it your business to not |
| - what should happen if there is a dispute | | | | only understand contracts, but also to use them in |
| - how to vary the terms | | | | your business transactions. It could save you a lot |
| - data protection, confidentiality and intellectual | | | | of time and money - two things that you cannot |
| property | | | | afford to waste. |
| - the jurisdiction for any legal proceedings | | | | |