Business owners should consider contracts an essential aspect of their operation. A properly drafted contract can allow your business to thrive, grow, and earn profit. You can avoid many issues and conflicts and ultimately save money with the right contract. Your business will very likely benefit from using the services of a business contract lawyer.
Stockman & Poropat, PLLC provides contract services to clients in the NYC area and beyond. Our team knows that businesses require superior contracts to protect themselves. Contracts allow business owners to maintain healthy partnerships, manage risk, and lower the chances of legal conflict. We can guide you through the contract process in its entirety, from drafting to review to negotiation. Our contract services include service agreements, terms of service, privacy policy, and business operating agreement and/or by-laws.
What Type of Contract Do I Need?
Service Agreements, Terms of Service
Service Agreements are contracts used between businesses and their clients. A service agreement details the type of goods or services provided and pricing. Any provisions that apply to a transaction are written into the service agreement. Warranties, refunds, shipment information, and liability limits are part of these agreements. Good customer relationships are often heavily influenced by the business’ service agreement.
Terms of Service (ToS) is the contract that describes the software regulations for users. Most internet users are familiar with terms of use. They are the rules any user engaging with a web-based service legally agrees to and these terms are binding. If a dispute arises, the ToS protects businesses from legal liability. This allows you to protect the ownership of all content on a website. Businesses frequently encounter copyright infringement issues and having a clear ToS will streamline operations.
Privacy Policy
Privacy Policy: a contract that provides an explanation of how any personal data collected will be handled by a website or app. A privacy policy should be individually crafted to suit the specific needs of every business. Companies that fail to draft a well-written privacy policy may end up with legal complications that cost money.
If a business has users or consumers in the European Union or the state of California, they must abide by the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Simply, the policy cites the type of collected data, why it is being collected, and how the business will use the data.
Operating Agreement and By-Laws
An Operating Agreement is the contract that includes the operating procedure for Limited Liability Corporations (LLCs). The limited liability protection of a given legal entity is secured by the operating agreement. Owners and members can rely on these agreements to operate with less miscommunication or conflict. The operating agreement establishes the percentage of ownership among members, rights and obligations, voting, profit distribution, financial obligation, and how loss is allocated. The simplicity or complex nature of the operating agreement depends on the business and its members. Operating agreements are beneficial for single-member LLCs.
By-laws are used to specify how a corporation will be governed by its board of directors. This contract states the shareholder and director procedures, how many directors and officers there are, what kind of shares will be issued, and the corporation name and contact information.
Contract Lawyer | NYC Metro Area
Additional Contract Services
The above list is not exhaustive. Our firm offers many other types of contract services.
The team at Stockman & Poropat is experienced in drafting, reviewing, and negotiating several types of business contracts. We want to create the right contract for your business needs. Our contract attorneys can help enforce the protection your company deserves. Contact us today for a free consultation!
Up next we will be discussing Commercial Contracts.
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