Contracts in business are more than a "handshake". Details matter to enforce what you intended.
Whether creating a short paragraph to enforce one part of an agreement or lengthy corporate contract spanning hundreds of pages, contracts are not to be taken lightly.
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MUST-HAVE STRATEGIES FOR THE MOST SAVVY BUSINESS OWNER. RELEVANT AND TIMELY INFORMATION THAT GIVES YOU THE EDGE.
YOUR CONTRACT DEFINED
Looking at every word with scrutiny.
Having an enforceable contract makes the difference between even bringing a case for or against someone or something like a corporation if you can’t prove the legitimacy of your agreement.
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COMMON LEGAL CHALLENGES
How To Look At Legal Issues
As there is no certainity that your contracts will not be challenged, you have to consider common legal issues that can arise.
- INVITATION TO TREAT: If no execution of a contract has been created (unlike a buyer purchases an item from a store and warranty is included), like a TV advert, these can cause issues.
- BREACH OF CONTRACT: With the right to sue someone for damages incurred, you can look to see what specific damages you can get in the form of specific performance or punitive damages.
- UNCLEAR COVENANTS: Expectations among the roles and responsibilities of each party need to be clearly defined which could lead to expensive lawsuits in the future.
GENERAL VS EMPLOYMENT VS SALES
Different types of contracts serve different purposes. We can discuss which are right for your company at certain times as well as varying stakeholders.
- GENERAL: These documents involved the business structure and design of how you operate. Non-disclosure and property leases fall under this category.
- EMPLOYMENT: Having the right staff agreements can make or break both profitability and culture. Non compete and independent contractors are here.
- SALES: You have products and services you sell and how to transfer ownership are through agreements such as purchase orders and bills of sale.
FOUNDATION OF A CONTRACT AND WHAT IT MEANS TO YOU
THE BEDROCK OF ANY ORGANIZATION
With no clear understanding of the issues that could go wrong with contracts that stem from the creation and operation and sale of your business, you could be unprepared for both natural and unnatural causes create panic for yourself and your employees. Market corrections, tax law changes both at the local, state and Federal level, internal partner disputes, insurance issues and natural disasters are just a short list of how contracts can affect your firm’s longevity. There is no reason to leave your contracts to chance
Contract Law is where we shine.
Contracts are not meant to be a static document and with money, resources and time all at stake, you can’t afford to not have your paperwork in order and reviewed on a continuous basis. Let’s talk about your contracts today.
To schedule your no-obligation case evaluation, please contact an Indiana business law attorney from our firm today!
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