Dialogue 1

A: Did you go over the contract with our supplier? They drafted a new contract after we changed our pricing agreement last summer. Nothing has been signed yet, we only have a verbal agreement so far.

B: I saw the contract before it wen to our legal department. It seemed really detailed this time. I guess they want to make sure we don't leavey any loopholes.

A: I am glad we have our legal team to review it. The legal jargon in all the clauses make my head spin!

B: Mine too! But it's important to have a detailed and specific contract in case there are disagreements that arise later. If there is a problem, we can just go back to what's on the paper. It's a good way to protect us, and them.

A: Sometimes I really long for the time when a man's word was good enough.

B: That time doesn't exist anymore. If you don't have it in writing, then it's your word against theirs. Verbal agreements aren't worth the paper they're written on!

A: I guess you're right!

Dialogue 2

A: Can you help me make sense of this contract? I don 't quite understand this phrase....

B: Let me see, "The two undersigned are in agreement to the following terms. Party A shall be responsible for furnishing Party B with materials as follows." Well, that's a pretty complicated way to say you both agree to something and sign your names to certify.

A: So if I sign here, that makes me Party A, right?

B: Yes. Then you have to abide by all the requirements listed in this contract for Party A.

A: What about what is says here, "Terms and conditions of this agreement are void in the case of natural disaster or acts of God."

B: That means unless something very big happens, like an earthquake or a tsunami, you will be bound to the contract and can't get out of it.

A: That serious, huh?

B: Sounds like it. Before you sign this contract, I would go over it with a fine-tooth comb if I were you. Make sure it's what you want.

A: Good idear. I'll probably have to get a dictionary!