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Execution of Documents

Corporate Partner Toby Adkins discusses the importance of what on the face of it can seem like a basic task, signing and executing your business documents.

You established a great relationship with a customer or supplier.

You agreed a contractual framework that everyone was happy with.

You had the draft contract reviewed by key stakeholders and advisers to ensure the terms were fit for purpose.

Job done? Not if you can’t produce a signed, dated version of the contract on request!

It’s remarkably common for documents to be left as final drafts, or only signed by one party, or not dated, or simply lost. Of course, in some instances, this isn’t fatal – some business relationships proceed on trust, without needing to refer back to “the legals”. However, if a relationship breaks down or undergoes significant changes, or if a third party (such as an investor or potential buyer) needs to understand your business with confidence, the lack of a properly signed and dated document can lead to huge amounts of wasted time and money whilst the issue is rectified or renegotiated. In the worst cases, a missing or incomplete document can lead to unresolvable disputes, or scupper a sale or investment process entirely.

So what can you do about it?

  • Seek professional advice on how documents should be executed – a lawyer can guide you through the whole process, including advising on who needs to sign, whether a witness is needed, when the document should be dated.
  • Implement effective contract management across your business – a contract policy doesn’t need to be complex, but establishing who has responsibility for document execution and agreeing where draft and executed documents should be stored for future reference will save no end of headaches.
  • Review your existing contracts – starting with your most critical business arrangements, identify any contracts which are undocumented or incomplete. This exercise can also be a catalyst for refreshing outdated arrangements and making proactive improvements to your relationships with key counterparties.

To discuss any of the above further, please contact Toby: tobyadkins@bexleybeaumont.com  |  07389 835909

Bexley Beaumont Limited, trading as Bexley Beaumont, is a limited company registered in England and Wales, with company registration number 12216664. it is authorised and regulated by the Solicitors Regulatory Authority (SRA Number: 664870). A list of directors is displayed at the registered office: Centurion House, 129 Deansgate, Manchester, M3 3WR, together with a list of those designated as partners. The title ‘Partner’ is a professional title only. Our Partners are not partners in the legal sense. They are not liable for the debts, liabilities or obligations, nor are they involved in the management of Bexley Beaumont.

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Bexley Beaumont Limited, trading as Bexley Beaumont, is a limited company registered in England and Wales, with company registration number 12216664. it is authorised and regulated by the Solicitors Regulatory Authority (SRA Number: 664870). A list of directors is displayed at the registered office: Centurion House, 129 Deansgate, Manchester, M3 3WR, together with a list of those designated as partners. The title ‘Partner’ is a professional title only. Our Partners are not partners in the legal sense. They are not liable for the debts, liabilities or obligations, nor are they involved in the management of Bexley Beaumont.