Creating agreements is an essential part of every business. The key to maintaining a long and healthy relationship with business partners is to avoid disputes regarding those agreements. Even the most sophisticated and reasonable people can attach different meanings to what seem like ordinary terms. Hiring a professional attorney that understands your business is the key to minimizing the risks of confusion in the future.
Using a Written Contract
FelceLaw encourages businesses to insist on putting all of their agreements in writing. Written contracts help to clarify misunderstandings and confusion about contractual obligations. If disputes arise, having a written contract tends to narrow the scope of litigation necessary and reduce legal fees. Similarly, the minimization of these risks and the certainty provided by written contracts helps attract business partners or other persons who may be interested in investing or buying a business. Lastly, certain types of agreements must be in writing to create legally enforceable obligations.
Drafting and Reviewing Contracts
A properly drafted contract will help minimize the potential of unexpected liability, legal expenses, and the loss of a valuable business relationship. Drafting a contract is the best option for clarifying legal obligations before entering into a business dealing. Contract drafting and review is also an essential part of negotiations. Many times, each party should has their own legal review and comment on the existing draft for a potential deal. It is good business practice to have an attorney review your draft and make suggestions to avoid potential areas of conflict and protect your interests. FelceLaw has the skill necessary to draft a professional contract that protects your interests and your business relationships.