At TigerTox, our prime directive is to conduct the most efficient and effective toxicology research possible – all while utilizing the TigerTox patented method. When we allocate our resources judiciously, we can best serve our clients by maximizing the benefit of their current investments. For those working in pharmaceutical research, this means plenty of time spent making sure that contracts amongst partners are clear and concise. However, if you are confused by comprehensive basic contract law for paralegals, this review of its legal benefit may aid you.
We rely on contracts every day in nearly every aspect of our lives. Whether it’s a simple verbal agreement to meet up for lunch or a complex research partnership, each agreement should fall under the basic definition of contract law: “An agreement enforceable by law is…a contract, and the terms of a contract must involve a lawful object, be made by parties who can bind themselves legally (and are of age), involve an offer, an acceptance, and a consideration or price.” Toxicology studies are no different than any other area of research in that we need to have protections for both investor and provider. Legal support helps mitigate the risk when money is involved, but it also promotes good business practice.
For all the reasons above, contract law is vital for supporting research agreements in terms of convenience and practicality. However, it also defines how resources should be distributed amongst partners. In our case, that is TigerTox with its exclusive patented methods. Without comprehensive contract law in place, drug development times could increase exponentially. More importantly, investor relationships can become strained – or even toxified.
As you might already be suspecting, the contractual obligations in most toxicology studies are centered around protection. There shouldn’t be any glaring omissions in a good contract, and the most common concerns include: As you can see, the above legal obligations are necessary to ensure all providers meet their obligations, and that all investors are prepared if something goes wrong. When resources are allocated effectively, it begins with a strong legal agreement.
The takeaway here is that our personal relationships can benefit from being defined in terms of legal obligations. If you’ve ever been in an awkward situation where the misunderstanding cost you more than planned, then you know the ramifications of having a vague verbal agreement. Legal contracts lay out the terms and conditions for interactions – including commercial partnerships – in order to avoid costly delays.