A contract is a written agreement with a set of terms and agreements to facilitate a deal or transaction with the amount of financial risk to both parties. The guidelines are negotiated between both parties to come up with a set of agreements that are fair for both parties with the least amount of financial risk. During the negotiation of the deal being made between parties, the contract can be renegotiated to fit the needs of both parties. Once both parties have agreed upon the contract, the deal can go through and failure to follow the contractual agreements will result in a major financial penalty. If the contract is time dependent, a renewal process must be implemented once the contract is ended and a new contract must be drawn up.
Contract Management is an important skill to know in any company. Any agreements made between
two can result in repercussions if not written and agreed upon. Writing up a formal contract which outlines what can and cannot be done is essential as both parties can practice unethical behaviour and cheating out on a deal. In the ever growing city of Dubai, having knowledge of contracts will help you broker a better deal for your company whilst protecting its assets.
If you are already well versed in contract management, you can take a look at our contract management jobs in Dubai.
You can also take a look at all of our law courses in Dubai if you are looking for something else related in the field.