Tuesday, September 22, 2009

Document Drafting

After creating our original draft of the Letter of Intent and Purchase Agreement and reviewing work that the other groups did, we have discovered a few tips to make our drafts, and possibly future drafting assignments, better. For the letter, we will add a letterhead to make the document appear more professional. Also, following the advice of some of our colleagues, we will try to make the timing more clear, so there can be no confusion. However, I was pleased to find a website with a general listing of what should be in all letters of intent. One tip it gave was to leave a place for the other party to sign, which helps to make sure both parties are on the same page.

As far as our Purchase Agreement, overall we were very pleased with the way it turned out. It was attractive to the eye, and was to the point. However, we will try to fix some nit-picky formatting problems, like the page numbers. Also, in trying to make the contract less complicated, we might have forgotten that this contract is worth over a million dollars to our client, so we should be more specific in the remedies, and other clauses. We also found some good ideas after reviewing the other groups. For instance, we will add an indemnification clause for any trespasser's liability that may occur while performing our inspections, and a broker disclosure clause. I do think that we took proper care to draft the document to be more favorable to our client, without making the contract agreeable for the other party. In all, I was pleased with our work, but our group will certainly do all we can to make it better.

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