Top 10 mistakes typically made during the “Creation” and “Negotiation” stages of a contract that may lead to conflicts and even litigation.

1) Not understanding the contract terms with requisite depth.

2) Not understanding the scope and boundaries of the contract.

3) Not understanding the potential risks that a contract carries with itself

4) While Negotiating contracts, not getting into enough deliberations to agree on Milestone and Payment Terms.

5) Not negotiating the responsibilities of the other party / parties to the contract and not defining the clear responsibilities of each of the parties.

6) Mixing up the standard terms and conditions with the specifically laid out terms and conditions.

7) Not identifying the stakeholders effectively and not involving them in the negotiation discussions.

8) Not having a clear exit strategy from the contract.

9) Not having a clearly laid out disputes resolution clause.

10) Believing that previous negotiations will work in all subsequent contracts; if One Law Fits All and not sparing enough thoughts on specific laws and sectoral compliances governing the contracts.