When it comes to legal documents, specific terms are used to refer to different stages of the process. One of the key stages in the contract negotiation and drafting process is the point at which both parties have signed the document. But what do you call a contract that has been signed by both parties?
The term commonly used to refer to a contract that has been signed by both parties is ‘executed’. This means that the contract has been fully agreed upon and legally binding. Once a contract is executed, it becomes a legal document that outlines the terms and conditions of the agreement between the two parties involved.
When a contract is executed, it signifies the end of the negotiation and drafting phase of the process. The terms of the contract have been finalized and both parties have agreed to abide by them. At this point, the contract can be enforced by law if either party fails to fulfill their obligations according to the terms laid out in the document.
It’s important to note that while an executed contract is legally binding, it’s still advisable to seek legal advice if any issues arise with the agreement. A lawyer can help to interpret the terms of the contract and can assist in resolving any disputes that may arise between the parties.
In conclusion, a contract that has been signed by both parties is referred to as ‘executed’ and signifies the legally binding nature of the agreement. It’s important to seek legal advice if any issues arise with the contract, even after it has been executed. With the right legal guidance, both parties can be assured that their rights and obligations are protected and enforced.