In today's modern business world contracts are a necessity. But, numerous laws, regulations and unforeseen events make dealing with business contracts complicated. Therefore, if you are involved in managing public, private or NGO sector business affairs and contracts, you need to understand the intricacies involved in contract formulation, interpretation, review, performance, enforcement, negotiation, as well as remedies in case of its breach. You also need to know the strengths, weaknesses, risks and the missing terms before signing an agreement so that the final agreement is effective and enforceable. The management of ongoing business contracts is a daunting task, requiring knowledge, skill and the experience. You should be able to handle all the details necessary for ensuring you get what you bargained for as well as covering you against claims that you haven't done your part. Here, you need to know your rights, remedies and duties regarding the performance and enforcement of your legal and contractual rights. Balancing the exercise of rights, selection of remedy and ensuring your own duties are also important. The breach of contract may have serious consequences both to your business and reputation. Therefore, you need to have sufficient evidence should things deteriorate into a breach of contract and enforcement actions become necessary. Before you plunge into a time intensive and expensive process, you should know whether there is a breach at all and if so, what may be the consequences? Is there any scope to avoid litigation and treat the breach? What are your obligations under the agreement and who will pay the costs and lawyer's fees of an enforcement action? These are some of the issues which you must address if there is an indication of a breach of contract. There are also possibilities that you may have to think whether to file a lawsuit or begin ADR (Alternate Dispute Resolution – arbitration, mediation, etc.) or go for negotiation or a combination best suited to your business.