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Roger
Roger, Attorney
Category: Business Law
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I had a contract agreement with a business partner that when

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I had a contract agreement with a business partner that when we win the contract, I will give him 10% of the contract. He drew up the agreement and send it to me for signature and I signed but he did not sign his own portion of the contract agreement. Now we won the contract. Is this contract binding? Does it mean he can sign anytime he so wishes or he has to sign before we win the contract before the contract becomes binding on both partners?
Submitted: 4 years ago.
Category: Business Law
Expert:  Roger replied 4 years ago.

Hi - my name is XXXXX XXXXX I'm a Business litigation attorney here to assist you.

 

The contract is not binding until he signs the contract along with you. Until then, there is no valid agreement.

 

The timing of him signing the agreement has nothing to do with the bid he makes on the job at issue. That contract has nothing to do with your contract.

 

However if he has won the contract, you need to get on him to execute the contract with you asap.

Customer: replied 4 years ago.
Thank you kirk. I am the one who won the contract. He drew up the agreement and send it to me to sign. I signed and send it back to him that I will give him 10% of the contract. But he did not sign his portion and send it back to me. After winning the contract, I discovered that if I give him 10% of the contract, I will not make anything. I now want to make change to the contract(I want to give him 5% now so something other than 10%). I am considering telling him " let us re-write the contract because the earlier contract is not binding because you did not sign your how portion". I am thinking that he will just sign his portion and send it to me now and say "Hey here the former contract, i have signed my part now and it is binding. You have to abide by it".
Customer: replied 4 years ago.
Thank you kirk. I am the one who won the contract. He drew up the agreement and send it to me to sign. I signed and send it back to him that I will give him 10% of the contract. But he did not sign his portion and send it back to me. After winning the contract, I discovered that if I give him 10% of the contract, I will not make anything. I now want to make change to the contract(I want to give him 5% now so something other than 10%). I am considering telling him " let us re-write the contract because the earlier contract is not binding because you did not sign your how portion". I am thinking that he will just sign his portion and send it to me now and say "Hey here the former contract, i have signed my part now and it is binding. You have to abide by it".
Expert:  Roger replied 4 years ago.

You've certainly pinpointed the threat if you're the one that did sign the agreement. He could sign it now and you'd be bound. Hopefully, you have the original agreement. If you do, I think you could claim it is cancelled due to the fact that he didn't execute it and return it as agreed. However, if he has the original, you should contact him and ask if he plans to sign it, and if not you can state that it is cancelled and write him a letter to that effect.

 

If you have the original, you should contact him and tell him that because he didn't sign it, that you're cancelling the agreement, but you would be willing to re-negotiate the agreement if he wants to proceed. You can explain to him that the profit margin has been reduced and the percentage would have to be reduced accordingly in order for each of you to recover.

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