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Month: May 2013

Tips for creating Commercial Contracts

Commercial contracts represent a mixture of legal and commercial factors. For organization and business, the vital need is to ensure that the lawful arrangements permit the complete commercial advantages to be realized.

Bad or non-existent commercial contracts create a business unstable. Sound lawful advice is therefore important when drafting these text files to prevent your firm from entering into single sided agreements and reject time-consuming and monetarily dangerous repercussions in the event of dissolution of contract, or if the matter requirements to be taken to court.

It is vital to ensure that all of your commercial contracts are drawn up efficiently and are legally waterproof, as it is vital that both parties know the terms included are alert of their responsibilities and rights afforded by the agreement. Bad worded contract terms could have dangerous implications for stake holders and parties. You can get quick help from freely available online contract templates.

Generally, the following are included in commercial contracts:

Interpretations and Definitions: Explanations of the unique meaning of any terms defined in the contract.

Parties: The title and addresses of all the contracting parties should be obviously stated.

Payment Provisions: Outlines the accurate price to be paid for the services or goods offered and the dates for payments to be made should be perfectly set out.

Detail Of Service Or Good: A unique detail of the services or goods that will be offered under the contract, including the stage of service if the contract is for services.

Timescale: The unique timescale for the project should be alerted including any deadlines.

Terms of Contract: Describe about the length of the contract

Termination Provisions: Set out the conditions under which the both parties can terminate or dissolve the contract.

Limitation of Liability: For instance, neither party shall have any legal responsibility to the other party for a claim of profits of loss.

Confidentiality: There should be private clauses drafted in the commercial contract which identify the detail being safe and the situations in which it can be disclosed or used.

Dispute Resolution: Procedure of Dispute resolution in both parties

Property Rights: Describe about rights of products offered under the contract.

Change Of Control: The procedures for change of controlling interest or ownership etc. For instance, if the start party transfer a controlling interest to a second party or competitor.

Warranties: it is general for the party offering services or goods under a contract to offer certain warranties in relation to the delivery of services or goods.

Applicable Law: There should be a part describing which law governess the commercial contract. For instance, this contract shall be governed according to the Law of UK.

Force Majeure: This section should cover conditions where performance of the commercial contract is impossible through no mistake of either party. For instance, if there is civil unrest or natural disaster.

Running a firm involves entering into many various relationships and interacting with many various organizations and people. The terms of each connection and agreement need to be documented so that every party is alert of his/her obligations and rights and liabilities in respect of it.

Key Elements of designing restaurant menu

Creating menus are considered as the main job for a specialist because it shows a restaurant’s spirit in it. There are many things that need to be pondered but here are some key components mentioned that are of much importance for designing a restaurant’s menu. These are the

  • Design
  • Theme
  • Description
  • Layout
  • Pricing
  • Organization

Design of your menu is the most valuable thing to consider first. It reflects the restaurant in itself. Your menu should be looked comforting for clients. Images of dishes in menu have to be put carefully and on purpose. Then you have to care about style and theme of your menu with keeping in mind about the vision and concept of your restaurant.  Your menu has to be exclusive, so accordingly qualify your restaurant’s uniqueness. This must be helpful in making your restaurant prominent among other restaurants in your locality. Try to avoid similar items as other of your competitors offered. Now comes the point of description, you can describe dishes precisely, clearly, tempting and in exciting way that by reading the description, client has mouth watering feeling. Only explain major ingredients of your dishes and use local names if there some, it will add a genuine elegance to your menu. You should clarify your menu by highlighting independently about the breakfast, lunch and dinner menu. All of main items have to be marked out and demonstrated individually, like the starters, the beverages, the main course and the desserts.

You can easily find out and download free menu templates online as it is readily available. Out look of your menu and its colors should be according to your restaurant’s concept and its location. It’s on your choice whether you like to choose its layout as casual, formal or playful manner. Font and color scheme that has to be used in your menu should be a reflection of your restaurant’s theme. For example, if you are opening an Indian themed restaurant, bright colors such as red, orange and green would be good choice for a menu. These same colors would look inappropriate in the menu of French bistro or Continental restaurants. French bistro usually has a classic script font or simple plain font, while other restaurants or menu in bars has casually less formal or in a playful manner. Careful when choosing font that is difficult to read or has small in writing font and plain papers are not preferable for printing of your menu. It is suggested that menu should be polish mat finished.

Normally when restaurants did not work out properly or suffer heavy loss, then major reason behind their failure is in their price control section. Cost of food and portion served to customer has to be controlled and thus help to put prices on your menu correctly. Another way to make profit is to maintain the usage of expensive items. Organize and assemble items of your menu in such a way that stuff with most expensive cost does not grab direct consideration of your clients.

Key Elements to Include While Writing Partnership Deeds

Partnership deed is a contract between the partners, which covers the various terms needed for day to day management of the company.  It contains who will be the active partner any interest on investment, remuneration of effective partner, function of dissolution, admission of new partner, etc.

Characteristics of Good Partnership Deed

A partnership deed can be described as a document that is prepared to describe important points so that the possibilities of conflict among partners are minimized to a great extent.  Whenever a partnership is established, the partners are bound in two types of reliabilities.  One is the person liability of each partner and the other is the collective liability of all the concerned associates. Now a days it is very easy to find out free sample agreement templates online without much effort.

Figure Out Important Conditions of Partnership Deed

The development of partnership requires an understanding among the partners by means of an agreement because partnership arises not from status but from contract.  The partnership contract may be oral or in writing.  Law makes partnership contract in written form.  The document in which all the important conditions regarding the partnership business are written is called partnership.

Professional Insight

Partnership agreements have a strong effect on taxation of both the individual partners and the partnership.  The partnership contract decides the amount of tax partners pay and the kind of payment and distribution of capital. You can have a very good idea by downloading this free partnership agreement online.

An Appropriately Drafted Partnership Deed Contains the Following Points:

  • The name of the company and the name of the partners.
  • The place where the head office is located and the business carried on.
  • Nature and types of business function.
  • The amount contribution by the partners.
  • The beginning and the duration of partnership.
  • The percentage in which the profits are to be shared.
  • The conditions for interest on capital, if any.
  • Nature of loans and advances and the conditions for interest on loan.
  • The amount of withdrawal to be made by the partners to any associate for this special assistance to the company.
  • Conditions for maintenance of books of accounts and the process of audit of account.
  • The name of the associates for signing cheques and other essential documents.
  • Process for valuation of goodwill at the time of admittance and retirement.
  • Arbitration stipulation for settlement of disputes among the partners.
  • Process for dissolution of partnership and partnership firm.
  • Conditions for determining the amount of investment payable to the retiring partner or to the heir of a deceased partner.
  • The method of revaluation of liabilities and assets.
  • The procedure of settlement in case of dissolution of partnership.
  • Voluntary termination; the partnership may be demolished anytime by agreement of a super-majority of the partners, in which event the partners shall proceed with affordable promptness to liquidate the business of the partnership.

Conclusion:

Where partnership deed is silent on any detail, the provisions of partnership act are appropriate.  Get your partnership deed registered in Registrar of Company so that in any evaluate situation it will be valid and if there is any change in partners of any other situation, make sure you inform registrar or else there.