Contracts are written agreements, binding letters of intent, and memoranda of understanding between two interested parties. The contract process is a series of activities and tasks that vary from one business process to another and also vary between businesses. The bidding business should be aware of many important parts of a contract. The most important part, however, is the frequently asked questions that give important information about the contract terms and guide the bidder toward successful contract completion.
Why is it Important to Read the FAQs of the Contract?
Government contracts are generally very lengthy, which is perhaps why most people do not read the contracts in full. The reader will lose interest in reading the contract easily as the contracts are lengthy and difficult to follow. It is mandatory to read the entire contract completely, especially the FAQ, as it comprises important information about the contract. Other reasons why one should make it a practice to read the FAQs of the contract are as follows,
- Free from technical jargon:
Though the rest of the business contract is full of technical jargon, the FAQ is the section that is written in simple and easy-to-understand language and terms. Businesses can clarify all their doubts concerning the contract from this section and ensure they fill out the application appropriately.
- Delineates the different clauses in the agreement:
According to a survey, it has been found that only 13% of the participants read their contracts completely. The consequences of signing the contract without reading the terms can be dire. If the contract is not read in full, the business might end up agreeing to something they don’t agree with or understand. But due to the technical jargon, businesses cannot understand the terms completely.
The FAQ section, however, is written in simple and easy-to-understand language. It helps in understanding the different clauses in the agreement easily and completely. It also gives important information on the business notice periods, contract deadlines, and other important dates so that the business gets to send the contracts on time.
- Termination and renewal terms:
The contract termination dates and renewal terms are the most important part of the business contract, but they are also hard to understand. The FAQs will delineate these dates straightforwardly and in easy-to-understand terms. Understanding the contract renewal and termination terms will prevent the business from getting locked in an agreement longer than anticipated.
The frequently asked questions section will offer information on things such as the automatic renewal of the contract, information on how to cancel the agreement, the repercussions of not notifying the other party, etc.
- Important dates and deadlines:
The most important aspect of a business contract is the important contract dates and deadlines. The business that takes up the contract should ensure that all the dates and deliverables listed in the contract align with the other agreements. The important dates and deadlines will be listed in the FAQs section itself; thus, the need to skim through the entire contract to find these dates is eliminated.
Businesses should review the contract periodically to ensure they are preparing the documents according to the contract’s requirements. The best way to review the contract is to browse through the frequently asked questions about the contract. Experts at MySetAside will help businesses understand the contract’s legal terms and extract important information from the FAQ section of the contract, to succeed in the government contract bidding process. It also serves as an effective and user-friendly portal, that offers new contract opportunities for the state and the federal government.