If you are a business owner, you are going to deal with contracts. This is unavoidable. You will need contracts for your employers, your vendors, your clients, and more on a range of issues. When properly executed, contracts are your friends. They can protect your interests and minimize liability exposure. Failure to have a contract in place, and a well-drafted contract in place at that, can spell needless disaster for you and your company. To help ensure that your contracts are working for you and not against you, retaining an attorney to help your business in contract drafting can be critical.
How an Attorney Can Help Your Business in Contract Drafting
Contracts are legally binding agreements. As such, those who enter into them are legally responsible for upholding the duties they are agreeing to uphold in the contract. Those in violation of the contract terms can be held legally responsible for the ensuing damages. To put this simply, entering into a bad contract can be bad for you and bad for business. With the counsel of a dedicated business attorney, you can get trusted legal advice on such matters. Your attorney can:
- Identify any loopholes in the contract
- Make sure the contract terms are in line with the most up to date legislation
- Ensure favorable terms are included
Your attorney will also be able to explain the contract terms and what they mean for you and your business. Your attorney can help ensure that you stay protected and you are not putting your business in any unnecessary risks.
There are a number of contract types that you as a business owner will deal with. There are those that you will need to present to another party to sign and there will be contracts presented to you to sign. In both scenarios, you will be able to discuss what you need and why you are planning to enter into a certain contract. Your attorney can draft the contract or review a contract prior to you signing it. The guidance you can get from your attorney on these matters can help you beyond the contract at hand and prove instructive for making the right decisions for you and your business far into the future.
Some contracts you may come into contact over the course of running your business include:
- Service contracts: You may be providing a customer with a service or you may be seeking the service of someone else. These are agreements between a buyer and a seller for the fulfillment of a service needed.
- Investment contracts: Businesses often need investors to have the money to run their business, particularly to get the business off the ground and running. A business contract will set the terms between you and your investors.
- Partnership agreements: It is often a great idea to enter into a partnership and run your business with another entrepreneur. A partnership agreement can lay the foundation for this important relationship and help manage partner expectations as well as detailing partner rights and responsibilities.
Business Law Attorneys
For all of your business contract needs, you can count on the team at Jones, Gregg, Creehan & Gerace. Contact us today.