Any good business deal begins with a contract. While parties may engage in many meetings, verbal assurances, and handshakes, the details of the parties’ final agreement should be in writing. If you are getting ready to begin a project or business deal, consult with an attorney from an experienced business law firm like the Law Offices of Robert L. Hill to ensure your contract is providing you with the protection and clarity that your business needs and deserves.
Make Sure Both Parties Understand the Full Scope/Terms of the Project
First and foremost, a contract must reflect a thorough understanding of each party’s responsibilities and obligations. As a result, in order to ensure both parties understand the full terms of the agreement, the final written contract should include as much information as possible concerning the project terms, scope, timing, etc. Only through a full written disclosure can each party be confident that the other party is entering into the agreement with an accurate and thorough understanding of the business arrangement.
Spell out Provisions for Changes
The contract also should describe how and when the contract can be changed. Any number of issues could arise that delay or prevent performance under the agreement. If your contract does not address these items and how they are to be handled, the entire business deal can be derailed.
Outline How Disputes Will Be Resolved
Sometimes, despite the best planning and advice, a business deal still turns out poorly. It is vital, therefore, that the contract include a dispute resolution clause to address this possibility. While you may be disappointed to see a working relationship go south, a dispute resolution clause will give you clear direction as to how the business dispute must be presented to the other party and, most importantly, how and where the dispute will be decided—whether through litigation, arbitration, or mediation. There also should be instructions regarding who pays attorney’s fees in the event such a dispute arises.
Call Us With Your Business & Contract Questions
Creating a business contract can be complex. Retaining an experienced business attorney is imperative so your contract includes all the information necessary to ensure your deal goes as smoothly as possible. If you need help with a business contract or other business matter, contact the Law Offices of Robert L. Hill to schedule a free consultation. We are here to help.