Contractual disputes – Gentleman Agreements
In today’s society, it is very common for parties to enter into contracts based on a “gentleman’s agreement”. However, these types of agreements unfortunately cause the most issues and result in costly litigation.
It is therefore essential that if you are entering into a “gentleman’s agreement”, the terms of the agreement are clearly identified. The safest and easiest method is to record all the correspondence and have the agreement written down.
The agreement should record among various things, the terms of the agreement, any deadlines as well as the obligations of each party. If the agreement is properly recorded, it not only avoids any confusion, it also sets out clearly as possible what both parties should expect and what is expected of them.
If the terms and obligations are not properly recorded, then it may be a struggle to enforce such terms at a later date; if the agreement or performance of the agreement comes into dispute.
For more information and advice please contact our litigation expert Ahmet Ozcan 01708 745183 or via email HERE
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