You Must Sign and Have a Copy of Your Agreement
All written agreements must be signed by all parties involved before it can be binding on them. This is when such agreement can be said to have been executed between parties. I don’t want to bore you with the legal precedents and the attitude of courts to an unsigned agreement no matter how gentlemanly such agreement is on the face of it.
Individuals must sign every agreement they go into. The individuals can be represented in the case of an infant by their wards or guardian. Or even legal representative of an estate. Where it is a company, it is the directors and company secretary.
The submission of the court is that an agreement not signed by a party cannot be enforced against him. Also, such party cannot assert rights or take advantage of such agreement.
Hence, it is very important for parties to ensure they sign agreements drafted and not overlook it as a superfluous requirement.
Also, agreement(s) executed by parties must be exchanged upon execution. It is an evidence for you to the other party and to third parties of the existence of an agreement with the other party.
This means that every party to the agreement must have their own copies of the agreement upon execution by all the parties. This is important. Although this does not foreclose the other party whom by chance did not have his own copy or have misplaced same from subpoenaing the other party in the custody of such document or whom the party believed to have it to produce same for use where the subject of the agreement becomes an issue of litigation.
However, it is tidier and more assuring to have your copies or counter pact of the executed agreement.