Should your nonprofit require a formal contract for every business transaction? Are there situations when a “simple handshake” might suffice? What’s the difference between a Memorandum of Understanding and a full blown contract? Contracts are critical in employment situations, when holding major events, when purchasing a business, in dealing with vendors, when buying real estate, etc.—just to mention a few of the more obvious situations when a formal agreement is advisable. Often the nonprofit executive will need to at least prepare a first draft. It is also possible that a first draft will become the final signed document. A legal review may or may not be available. In these situations it is essential to be familiar with the key contract provisions that you’ll want to include in your agreements. For example, you’ll want to make sure you cover: scope, termination, deliverability, protecting intellectual property, confidentiality, severability, etc. Understanding such basics will go a long way to making sure that any uncertainties and the potential for a lawsuit later on are reduced, while protecting both you and your nonprofit.
Please join Sandra Pfau Englund, nonprofit attorney, as she takes you through 23 key terms found in most contracts and discusses the most common terms that can lead to disputes. Ms. Pfau Englund will also show you how to prepare and use a contract standard term template for hotel and other vendor agreements as a negotiating tool and to prepare for a successful project and relationship while providing an “escape plan” if the relationship turns sour.
WHAT YOU’LL LEARN
Just a sampling of what this webinar will cover:
- The basics of a contract and the differences between a handshake, memorandum of understanding, and formal contract
- The risks for using the wrong type of agreement
- The key contract terms which should be included in an agreement—force majeure clause, termination, scope, governing law, price and payments, risks, protecting intellectual property, deliverability, severability, etc.
- The 23 key contract terms, and which ones are most important
- How to write clear contract terms
- How to untangle and understand common contract “legalese”
- How to identify unnecessary language
- How to draft standard contract terms for your organization
YOUR CONFERENCE LEADER
Your conference leader for “Bulletproof Your Contracts: Understand the Key and Most Disputed Terms, the Difference Between an MOU and a Contract, and Much More!” is Sandra (Sandy) Pfau Englund. Sandy has provided legal counsel to nonprofit groups for over 20 years. Sandy is founder of RENOSI, Inc., a company that helps nonprofit groups manage the growing federal and state filing requirements necessary to obtain, and maintain, tax-exempt status. She also founded Parent Booster USA, a nonprofit providing help to school support organizations/booster clubs. She is the industry thought leader on issues related to tax-exempt status and compliance, and financial and fundraising transparency. Sandy began her career with a Washington, D.C-based law firm where she represented tax-exempt status, grants and expenditure responsibility, and private foundation rules and regulations. Sandy is a sought-after subject matter expert and has been quoted by NBC’s TODAY show and in Forbes and The Wall Street Journal, among others. She is published and speaks throughout the country on issues relating to nonprofit, tax exempt organizations. She earned her law degree and a master’s in public administration from George Washington University. She also holds a bachelor’s degree magna cum laude from Eastern Michigan University, from which she was named Outstanding Young Alumnae.