Contracts help dictate the terms of relationships in business. Negotiating, drafting, and signing contracts is an important part of any business. A “handshake deal” sounds good in theory, but it leaves both parties exposed and uncertain in case of any disagreement. Likewise, a poor contract can lead to confusion, disagreement, and expensive litigation. On the other hand, a well-drafted contract clearly spells out the agreement between the parties involved, as well provides protection to each party should something go wrong.
Taylor Law, LLC can help you negotiate and draft contracts that help protect you and your business from the word go. However, no matter what attorney you use, make sure that you understand the answers to the following questions: Are you giving away any legal rights by signing a contract? Do your contracts with vendors, suppliers, or purchasers provide you with protection? Does your contract have a choice of venue provision? Does your contract have an attorneys’ fees provision? Do you want an arbitration provision?
For example, what if your business shipped products to a company in another state, but then that company refused to pay for the products? Or, what if your business paid another company for services, but that company has not provided those services? In each of these situations, a well-negotiated and clearly drafted contract should answer the questions set forth above, as well as provide you with clear protections and remedies against the other company. In this way, the contract helps provide an incentive for both sides to hold up their end of the bargain and, hopefully, maintain a good working relationship.