The commercial contract is the premise to establish and regulate the relationship between the parties in commercial operations. Accordingly, the more detailed the contract is, the easier the job becomes for the involves parties, avoiding loss of time and ambiguity about responsibility when the event dispute occurs. There are very few traders who understand the relevant laws when performing commercial activities, resulting in unforeseen circumstances that may occur when performing these activities. For these reasons, when conducting commercial transactions the parties should hire attorneys to draft or review the terms of the commercial contracts, which provide the following benefits:
Maybe you’re interested in: 4 Procedures of consulting and drafting contracts in Vietnam
1. The Parties perform activities according to the principles in compliance with the law
Attorneys will advise on the legal regulations relating to commercial activities so that the parties can understand the specific provisions of the current law on commercial activities; what the parties are permitted to do, the prohibitions, and things the parties are not allowed to do should be content included in the contract in an appropriate way.
2. Protection of legitimate rights and interests
Based on the provisions of the law that have specified the rights and legitimate interests of the parties, attorneys will often use the method listed to clearly specify the rights of the Parties under the provisions of law and other rights under the agreement of the Parties, so as to not violate lawful prohibitions.
In addition to protecting customers’ rights and interests when drafting commercial contracts, attorneys can also help review the obligations the customers have to perform in each transaction with partners and obligations that partners must perform toward the customers. That helps customers minimise contractual risks.
3. Minimise the risks of implementing commercial activities
With experience and professional knowledge, attorneys can help you to see the risks of trading, counselling and notices about legal issues that are unclear laws, thereby consulting the opinion of the state agency or obtain approval to conduct commercial operations legally and avoid the following risks of the commercial contract.
4. Backup of possible future cases
When drafting a commercial contract at the request of the customer, in addition to the circumstances that may occur in the present, the remaining attorneys are expected to be in the same situation, even after the completion of the sale of goods, service provision. This helps clients to visualize the phases of the business process, protecting their legitimate rights and interests even when they are done trading.
Maybe you’re interested in: Drafting And Consulting Commercial Contracts Service In Vietnam
If you find difficulty in finding a law firm that specializes in commercial contracts, please contact us: P & Associates is a professional law firm established in Vietnam and now has nearly 100 members working at three offices in Ho Chi Minh City, Hanoi, and Da Nang. P & Associates is one of the leading law firms specialising in business law in Vietnam, which has a number of notable practice fields in the legal market such as Labour and Employment, Banking Law, Taxes, Purchases, Selling and Merging, and Litigation. We are confident to provide clients with legal services optimally and effectively.
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