Like a fine wine... [understanding contracts]

To understand a contract you need to know who drafted it and when, and the circumstances of its production. You need to be aware of the strength of the parties´ bargaining positions at the moment they did their deal. Further, to get the most out of a contract you need to ensure it is used for the type of project to which it is best suited. Is a model contract better than a fully negotiated one? The author discusses the issues involved with reference to the IEE/MechE Model Form MF/1.