A bilateral agreement is best upheld by a written contract.
Bilateral agreements are simply promises to exchange favors or goods with another individual or company. For example, a renter's lease is a bilateral agreement in contract form, named a bilateral contract. The renter offers to pay the rent in exchange for upkeep of the property. Bilateral contracts are best established in writing and are signed by both parties as a promise to uphold their side of the contract. Bilateral agreements may be verbal; however, verbal agreements do not uphold as well as written contracts in a court of law.
Instructions
1. Create points of interest for a bilateral agreement. If you wish to rent personal property, for example, define rules for maintenance of the property, time limits for rent payments, and parameters for what is allowed on the property, such as pets or number of tenants.
2. Approach the opposing party to discuss points in the agreement. Review the created points, and agree on all points. If all points are not agreed upon during this exchange, either party can elect to walk away from the agreement with no legal repercussions.
3. For legal purposes, draft a written contract to solidify the bilateral agreement. Turning the bilateral agreement from verbal to contract will protect both parties in the event of necessary legal action. Sign the contract with the opposing party to finalize the agreement.
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