Do's and Don'ts:

• Do not leave out a clause in the hope that the other party won't catch it - if the agreement does not actually represent what was agreed to the contract could be voidable.
• There must be consideration flowing to each party.
• Do note the legal jurisdiction where any interparty litigation will reside.
• Do note the mailing address of each party - this is where all legal communications would be sent.
• Do note that the contract is the "entire" agreement and that any amendments, additions etc. must be made in writing and agreed to by both parties. - don't make any oral agreements that are not covered in the contract.
• Don't have one attorney represent both parties. If one party is not represented by legal counsel do note that said party acknowledges that said party was advised of the right to separate counsel. Each party should have their own counsel.
• Do provide "outs" should either party not perform as agreed. Normally, formal notice by the aggrieved party to the non-performing party at the appropriate address listed, noting specifically and in detail the non-performance with a time to "cure".
• Do note the date of the agreement and any termination date.
• Do have contract signed, witnessed and notarized. These are not necessarily fatal flaws to enforcement of the contract but are clearly preferable.