Arriving at a strong contract requires a strong understanding of the contract process. Star Miami Heat forward Chris Bosh recently committed to five more years with Miami. The five-year contract Bosh signed is for $118 million and Bosh will earn around $20.6 million this season. Although the contract was recently signed, it was completed about a month earlier but signing the contract had to wait while Bosh was on a European vacation and it was necessary for him to have a physical before signing. Bosh has spent five years with the team already and his was the first commitment since the Heat lost Lebron James earlier this summer as he returned to the Cleveland Cavaliers to play. The contract is the largest in total value in Heat franchise history.
Whenever an individual’s livelihood is concerned, it is important to secure the best possible contract. This helps to protect the individual, such as an athlete or entertainer, and to ensure that the contracting party is fairly treated and properly compensated. To achieve this goal, it is important to understand how both contract negotiations and contractual agreements operate. Reaching and signing and contract or agreement is an important point in the life of an athlete, entertainer, or otherwise.
Those entering into contracts related to employment or other compensation agreements have worked hard and contracts can help ensure the party is fairly and properly compensated. It is important to secure the best agreement possible but also to preserve and ensure a strong working relationship with both parties to the contract to ensure long-term success. There are many considerations when negotiating a contract and it is important to have a thorough, and working, understanding of each.
Securing a contract after years of hard work is an important moment in any individual’s life. Ensuring the contact is the best possible contract, and promotes future success, can be equally important and can be achieved through knowledge and understanding of the contract process.
Source: CBC Sports, “Chris Bosh, Heat put ink to $118M contract,” July 30, 2104
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