Contract Process Definition
The contract process is the set of steps that are followed in order to legally bind two parties to an agreement. This process can vary depending on the type of contract and the jurisdiction in which it is being created, but there are some general steps that are typically followed.
1. The first step is for both parties to agree to the terms of the contract. This can be done orally or in writing, but it is important that both parties are clear on what they are agreeing to.
2. Once the terms have been agreed upon, the next step is for both parties to sign the contract. This shows that they are legally binding themselves to the agreement.
3. After the contract has been signed, it must be witnessed by a third party. This could be a notary public or another person who can attest to the fact that both parties have signed the contract and agree to its terms.
4. Once the contract has been witnessed, it is considered legally binding and both parties are expected to uphold their end of the agreement. If either party fails to do so, they may be subject to legal action.
