The Government Subcontractor's Guide to Terms and Conditions

INTRODUCTION

A simple handshake solidified deals when communities were small and people knew one another in business circles and in social settings. Breaking the terms of a contract resulted in social and professional ostracism. Over the years, business relationships have grown too large and complex to base a contract on a simple handshake, hence the need for a well-written contract.

A contract serves many purposes, some obvious, such as defining the product or service to be delivered. A less obvious reason is offering applicable terms and conditions that, if negotiated properly, address many unforeseen problems that could arise. These terms and conditions serve to protect the parties, by apportioning liability through indemnification provisions, ...