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Subject: a useful tip on contracts
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SheliaH
(Indiana)

Posts:3577


11/10/2020 8:56 AM  
Saw this tidbit from one of my e-newsletters. It was in response to a poll that asked "how comfortable are you with understanding and executing contracts?" This is something all board members may need to keep in mind as they pore over contracts for association work:

"Slightly over half of you are very or extremely comfortable with understanding and executing contracts. That's a great skill to have given how prevalent they are in everyday business. If you're in the minority who aren't as familiar or comfortable with contracts, that's fine too as long as you're represented by competent counsel.

In any case, it's a good skill to have because the better you understand contracts, the more effectively you can point out any "business" issues to your attorneys (who mostly read contracts for their legal implications and not necessarily the business implications).

Even if you're not the one signing the contract, knowing what's in there can help you identify and mitigate business risks and prevent your organization from entering a bad deal. Stop being intimidated. Read the contract. Get familiar with their structure and terminology. Your understanding of contracts will be an asset to your organization."
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