Contracts as Part of South African Mercantile Law
We, at Velile Tinto & Associates, specialise in the provision of services that fall within the sphere of South African mercantile law to corporations and individuals throughout the country. Contract law forms part of the mercantile law service offering.
What is South African Contract Law?
We, in South Africa, follow a more modern version of contract law, which is still based on Roman-Dutch laws of contracts.
In essence, contracts are accordingly defined as agreements between parties with the intent to establish legal obligations towards each other.
The contracts are drafted to provide the necessary legal guidelines within which the parties can do business with each other according to their agreed obligations and rights. The terms in such contracts within mercantile law are legally enforceable, giving the parties the confidence that they need to keep the other parties to their commitment, and the incentive on their part to keep to their rights and obligations. Contract law thus forms an integral part of doing business in the country to ensure fair operations.
Contracts to be legally binding in the country must meet specific requirements including, but not limited to:
- Agreement between the parties signing the contract.
- Intent to keep to the agreement.
- Enforceable terms.
- Capacity to enter into such a legally binding agreement.
- Formalities observed and met.
- Clear and concise wording with terms explained.
- Legal and thus not in contrast to any existing laws.
- Possibility of party performance to meet obligations.
- Definite terms, obligations and content.
We have the manpower, experience, qualifications, proven track record and the necessary expertise to provide a range of services regarding contracts. Whether you want to draft a sales agreement, need to review the wording of a long-term commercial property lease agreement or want to ensure that the credit agreement you offer to clients is in accordance with the various laws governing such, you can rest assured that we pay attention to detail.
Our teams draft everything from trust agreements to MOI, sales and finance agreements. We furthermore review contracts on behalf of clients to ensure that there are no mistakes, loopholes or technical aspects which could render the contracts without value. Our clients range from insurers to financial institutions, property developers, landlords and banks.
We furthermore assist in litigating aspects related to contracts where disputes arise, in addition to the provision of advice to clients regarding compliance with relevant laws. We have a national footprint and make use of advanced modern digital equipment to ensure secure communication, accuracy and confidentiality.
Contact our legal team for more information about our contract and related mercantile law services.