Users' questions

What does being the last to sign a contract mean?

What does being the last to sign a contract mean?

1. Being the last to sign could mean that the contract is “made” in your jurisdiction. That fact could be to your advantage if (as is often the case to keep things short) the contract is silent about forum selection and choice of governing law.

Do you have to sign a contract in order?

During a break, one of the participants asked me if I thought it matters in what order the parties sign a contract. More specifically, she’s concerned about sending out a contract drafted and signed by her company and getting back a fully signed copy with changes added by the other party.

Do you have to sign the final draft of a contract?

Final draft: Contracts go through several drafts before the final one. For a contract to be properly executed, both parties must have the final version to sign, not a draft. Signatories: The appropriate signatory must sign the contract.

When does a contract have to be signed by both parties?

Execution: Contracts aren’t executed until both parties sign them. A contract is only partially executed when one signature is on it, and it’s not binding. It’s necessary to have the second signature on the contract to officially execute it and set an effective date for the agreement.

What’s the best way to sign a contract?

Keep an Original Signed Copy of the Contract in Your Files. Each party should get an original signed copy of the contract for their files. That means if there are two parties to the contract, two identical contracts must be signed. One original copy of the contract should go to you, and one original copy should go to the other party.

Do you have to sign a contract at the same time?

If it is possible that the parties to a contract will not sign it at the same time, you might consider adding a section in the contract providing that the contract will not be legally binding unless it is signed by both parties. The parties do not necessarily have to sign the same copy of the contract in order for it to be binding.

Do you think signing a contract is a formality?

You’ve negotiated an important agreement, you’ve reduced it to a written contract, and now you are ready to sign on the dotted line. Most people think that actually signing a contract is a mere formality. However, it is important not to let your guard down at this point.

Do you know the terms of a contract in Michigan?

Before you sign it, be absolutely sure that you fully know and understand the terms of the document. Under Michigan law, you are generally bound by a contract that you sign even if you have no knowledge of its contents.