A few little tricks:
1. Check the correct full name of the counterparty (if possible check with copies/scans of its statutes). Check the availability of the powers signatory of the Treaty of the counterparty (must be specified on the basis of what he signed: Charter, minutes of the General meeting, powers of Attorney, Orders, etc. Any of these documents, you must request and check). If the agreement is signed by a person not having that right, it will be deemed worthless, even if it will print.
2. Check the tax status
3. Very carefully (!) check the subject of the contract (what is written, is what You get)
4. Check the amount of the contract. It should be specified in figures and letters. For internal contracts it should be in national currency. For foreign (with foreign companies) in any currency. Payment procedure should be spelled out in detail.
5. Check the correctness of VAT (it's easy, but I've seen very many fellow about it).
6. Check the deadlines of the contract. Note that between the calendar, banking and working days is a significant difference. It is also desirable to specify dates exact dates, not five years(months, weeks).
7. In section rights and obligations of the parties often shove all that is possible. It should be read carefully and corrected if necessary in Your favor. It should be clearly spelled out the procedures for the execution of the contract.
8. As their responsibility try to avoid the application of penalties as a percentage of the contract. It is much better to set a fixed monetary penalty (in the amount of 500 p. for example).
9. The penalty may not be huge (more than 5% of the contract amount) and it is always possible to try to reduce through the courts. ( in Ukraine it does not exceed double the NBU discount rate of the contract amount, pennies even from the large amounts of contract).
10.The responsibility should be only for direct damages - any loss of anticipated profits, etc.
11. The term of the contract must be real and correspond to its subject matter (that is, if, for example, the work must be completed before August 15, 2014, the contract needs to be at least until 15 August 2014. Note, the termination of the agreement often does not relieve the parties from fulfillment of their duties on it (for example, to pay for the services if they were provided, have to).
12. You should always be able to terminate the agreement prematurely by warning the contractor in writing for the month (for example).
13. If the contract is bilingual, this should be stated in the contract and must be determined by the language version of the contract which has the advantage.
14. If it is a foreign economic agreement (with foreign company) should be chosen as the applicable law (i.e. the law of the state which the parties will apply to disputes under the contract). Also should be specied jurisdiction (i.e. the courts of the state which of the parties will consider the dispute under the contract). Try to write the applicable law and the jurisdiction of their country of residence, otherwise, they'll have to travel to the other side of the world and condemned the Arab right :)
15. If the contract is internal (company from the same country as Yours) try to avoid the arbitration clause in the contract (the parties ' agreement that their disputes will be considered in the arbitration court). It will deprive You of the right to appeal in ordinary courts, but in arbitration, the situation is often even worse corruption than in the ordinary (besides for the services of the arbitral Tribunal will need to pay a lot of money and in law).
16.Carefully check as your banking details and Your company. This is important. Possible request certificate from the Bank on Bank account.
17. The contract should be made so that signature at the end was not on a separate page. It is desirable to print it in a bilateral format and number of pages (and indicate: "Page 4 of 6").
18. Under the agreement each party should sign and put seal. To sign is the person that is specified in the contract. No deputies, etc. Seal should be put clearly and legibly.