CA CMA Syam sundar

  Essential Clauses Every Contract Should Include! A contract is more than just a document — it defines responsibilities, rights, and protections for all parties involved. Here’s a list of important clauses every well-drafted contract should have 1. Title & Date Clause – Mentions the name of the agreement and when it starts. 2. Parties Clause – Clearly identifies all the parties involved, with full details. 3.Recitals / Background Clause – Explains the purpose or reason for the contract. 4.Definitions & Interpretations – Defines key terms used throughout the contract. 5.Scope of Work / Obligations Clause – Describes what each party must do. 6.Consideration / Payment Clause – States payment amount, mode, and timelines. 7.Term & Duration Clause – Mentions how long the contract will be valid. 8.Representations & Warranties – Ensures both parties declare facts truthfully. 9.Confidentiality / Non-Disclosure Clause – Protects sensitive or private information. 10.Intell...

 Letter of Intent (LOI) vs. Letter of Award (LOA): Understanding the Legal Difference: In the world of contracts and project execution — especially in construction, infrastructure, and government procurement — Letter of Intent (LOI) and Letter of Award (LOA) are two terms that are often used interchangeably. However, their legal implications are entirely different.  1️⃣ Letter of Intent (LOI): Expression of Intention — Not a Contract An LOI signifies a preliminary intention of the employer to enter into a contract in the near future. It’s an indication that the bidder has been selected, but the final contract terms are yet to be agreed upon.  Legal position: An LOI does not create a binding contract unless it expressly or impliedly shows intent to be bound. Key Case Law: Rajasthan Co-operative Dairy Federation Ltd. v. Maha Laxmi Mingrate Marketing Service (1996) 10 SCC 405 The Supreme Court held that an LOI merely indicates an intention to enter into a contract in the fut...