I'm about to sign an agreement to work with a particular group. The relationship could last for a while, so I wanted to make sure that the terms for our working together were optimal - for me as well as the other party.
I Googled "Questions to ask before signing a contract," but found nothing useful. So this weekend I sat down and wrote up my own "Top 10 list" of questions - all designed to create greater value for both sides.
So here's my list. It's incomplete and probably naive. But it helped me work out what I wanted from the relationship, and it may help you. If you see a way to improve this list or add to it, please leave a comment by clicking on "COMMENTS" at the end of this post. Best suggestion wins a Canadian Entreprenur coffee mug.
So here is my list of 10 Questions to ask before signing a contract
1. Are these people I want to do business with / be associated with?
2. Is this agreement a fair representation of what I want?
3. Is this the best I can do? How could I get more/pay less?
4. Are both parties being treated fairly?
5. How might we create more value for both sides?
6. What can we do right now to create greater trust on both sides – which could lead to a better deal all-round?
7. How long will this agreement last? Do we have a formula for ending it on an efficient (and civil) basis?
8. What “exit” do I have if I get a better offer from someone else?
9. Is there a balance of value for both sides? Where do I get more from them than they get from me? (unstable and unsustainable)? Where do they get more than I do (ditto)?
10. Who else should look at this agreement for me?