In Thailand, Contract Review is mandatory. Performing this service is a great way to protect yourself from any legal issues that might come up during the transaction. While your lawyer will always draft the contract in the seller’s best interest, you should take this service to protect yourself from any legal snags and an outcome that you may not be happy with. Read on for more information. This article focuses on the legal requirements and benefits of contract review in Thailand.
Contract Review Legal Requirements
When it comes to settling contracts, a thorough review of the document is necessary. A careful review of a contract implies sagacious scrutiny and due diligence on both parties’ parts. The objective of a professional legal practitioner is to negotiate for the best terms possible, minimizing liability for both parties, and defining responsibilities in case of a dispute. A contract should contain details of all parties, including the identities of the individuals involved, and clearly state all rights and responsibilities. Often, these are not listed in the same place in the contract, and a lawyer’s involvement is essential to ensuring a fair deal for both parties.
In Thailand, the Civil and Commercial Code requires that real estate transactions be registered with the Land Department. A sales contract should be customized to reflect the property’s specific features, since a foreign buyer may not be familiar with Thai law or the local language. A lawyer will ensure that the property’s characteristics match the description in the contract, as well as whether or not any government permits have been obtained before the contract was executed. A lawyer will also verify that the seller has obtained all necessary permits, so there are no future legal issues.
Benefits of Contract Review
The advantages of contract review in Thailand go beyond ensuring that the agreement is in writing. Contracts are important tools for business transactions, and legal experts have extensive knowledge of contract review. By taking the time to review contracts, you will avoid expensive legal battles and unnecessary fees if there are any ambiguities. Additionally, contract review in Thailand helps you avoid the potential pitfalls of contract management in Thailand. Read on to learn about the many benefits of contract review in Thailand.
Upon signing a contract, both parties should have legal counsel review it. An experienced lawyer will ensure that the contract is written in the seller’s best interests and has hidden clauses. Contract review in Thailand will ensure that the buyer is protected from any legal snags that can cause a less than satisfactory outcome.