Contracts are inevitable when you’re doing business, which is why you need to learn as much as you can about contract law. This will help you create business agreements that make sense, protect your interests and are enforceable in case of dispute.
A simple definition of a contract is a legal agreement between two or more people or companies to do or refrain from doing something. It’s important to create proper contracts if they are to benefit you at all.
The following article from FindLaw highlights the most important considerations to make when drafting business contracts:
3 Contract Drafting Tips to Help Your Business
If you are in business, then you definitely enter contracts regularly. Sometimes you’re buying and sometimes you’re selling, but most likely you’re dealing quite a lot.
In light of that, you should create standard contracts for your business, or form agreements that are both general enough to work for different kinds of deals but specific enough that they address your priorities. If you don’t do this, chances are good that you’ll be continually getting into agreements that are on others’ terms. That might work some of the time but it’s not an ideal approach. Read full post here
A contract needs to guard your interests, and the only time you can make sure of this is during the negotiation process.
9 Ways to Negotiate a Contract Like a Boss
There are things in life that people only learn to do the hard way. Negotiating contracts is one of them.
It’s an emotionally fraught process. I get that! Because I encounter so many people making the same mistakes, I felt compelled to write about it. I’ve been negotiating contracts for decades now. For the past 14 years, I’ve helped inventRight students negotiate theirs. This is what I’ve learned. Read full post at Entrepreneur.com
With business contracts being so common in business, it is always advisable to work with legal professionals that will review your contracts. However, this may not always be possible, particularly for small businesses or when that stakes are not too high. In such a case, it helps to know how to review your more simple contracts. Nick Oboikovitz gives his advice:
Sales Pro Tip: 5 Ways Small Businesses Can Accelerate Contract reviews
Small businesses are challenged with competing against larger companies with larger budgets.
As a salesperson who is selling contract management software to small businesses, I see a lot of clever ways other salespeople do more with less.
But when it’s time to review a contract, it gets more complicated and cutting corners becomes more risky.
Small businesses don’t have the same spend as larger companies, so it does not always make sense to hire a lawyer review a contract, depending on the size of the deal. But on the other hand, how you can you ensure you’ve vetted a contract for risks without the help of a lawyer? Read full post at Spring CM
If you have any concerns about your business contracts or any other legal issue in your business operations, it’s advisable to the professionals. An experienced lawyer in business law will give you expert guidance and advice that could help take you to the next level in business.