Business Contract Lawyers
A business contract is a legally binding agreement signed by at least two parties, either as an individual or business. A contract states certain terms and mutual obligations that must be adhered to as part of the transactional engagement. The contact also specifies what will happen if any of the concerned parties breaks the agreement. For a contract to be valid, it should include an offer, acceptance, and consideration, and pertain to goods or services. Furthermore, a contract describes who is eligible to enter into the agreement. Acceptance of the offer in the contract must be present as well. The acceptance can be either in the form of words, actions, or performance. Most often, acceptance is conveyed via a written statement that explicitly expresses agreement to the offer.
As an individual or business owner, you may be considering writing a contract on your own. It may be beneficial, however, to retain the services of a business contract lawyer. If you are intent on writing a contract, know that in order for a legal contract to be binding, it must stick to a rigid format. The contract should include all of the aforementioned elements. An attorney can deliberately draft and execute a contract with all the necessary components. In doing so, they will make the contract legally enforceable and admissible. Perhaps you have written a draft of a contract. A lawyer can provide a professional review of that draft and recommend any changes before it is signed. Knowing that you have exactly what you need to protect yourself in a contract you created or plan to sign is essential.
Drafting and Executing Contracts
When it comes to drafting and executing contracts, attorneys seek to decrease the possibility of any future legal issues. They see to it that every legal obligation outlined in a contract is met. What if a contract is broken by one of the signatories? Business contract lawyers work to find resolution on behalf of clients and proceed with legal action if appropriate. A contract should be written in such a way that it prevents legal battles from arising. Having the insight of a contract attorney before entering into a contract is a good idea. This will give you a reliable foundation on which to build and grow with success.
Lawyers who work with contracts also offer advice regarding any contracts an individual or business has already signed. Let’s say you have already signed a contract and wish to have it amended. An attorney can negotiate for you to achieve the desired changes to the contract. Upon reaching a contract’s expiration date, a lawyer can also handle the renewal of that contract. When a contract is impacted by a change in the law, a business contract attorney will inform their client of the change and provide any guidance based on that knowledge.
Types of Contracts: How Business Contract Attorneys Help
There are many types of contracts used in business. Knowing just what type of contract you need will allow you to better manage your contracts. The goal with contract drafting, execution, and management is to prioritize efficiency so that you can focus on your main operational and growth concerns. General business contracts are used for non-disclosure agreements, property/equipment lease agreements, indemnity agreements, and partnership agreements. An employment agreement is used by business owners to describe the responsibilities of an employee, their compensation, and any further specific details. A licensing agreement allows one party to permit another to use a licensed good or service for royalties. These are among the many different types of contracts.
Among our contract services, we regularly assist clients with the creation of service agreements, terms of use, privacy policies, by-laws, and operating agreements. A service agreement is a contract between a business and their clients. They define the legal rights and obligations of each party. Terms of service serve as the contract between consumers and a business. Privacy policies state how consumer information collected by a website or app will be handled by the business owner. By-laws determine how a board of directors governs a corporation. Operating agreements pertain to LLCs and detail the procedure for how a limited liability corporation will function.
Stockman & Poropat, PLLC Are The Business Contract Lawyers For You
“Should I write a contract myself or hire an attorney?” The answer to this question depends on the size of your business and its day-to-day needs. Contact our team at Stockman & Poropat, PLLC for a free consultation! Whether you would like us to review a contract you have written or signed, or you are seeking to draft and execute a new contract, we can help protect your business and guard the value of your intellectual property.
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