Irrespective of the size, businesses rely on contractual relationships to facilitate growth. Comprehensive contracts are there to ensure fair terms and sound partnerships in taxes, lawsuits, trademarks and liabilities. As such, every business will need a contract lawyer for legal advice regarding business contracts, selling and buying of businesses, lease agreements and more.
Most business owners and managers lack the sufficient knowledge of business law to handle the preparation of documents and negotiations. Therefore, it’s essential to have a lawyer who can help draft the contracts professionally so you can avoid any potential pitfalls.
Reasons Every Business Needs a Contract Lawyer
Lawyers Understand Law Specifics
A lawyer possesses the skills of drafting contracts that are complete and which present the responsibilities of each party. An attorney will do proper scrutiny and can spot the missing key terms and offer recommendations regarding any additional clauses. Enlisting the help of a lawyer guarantees that contracts protect your business from any unforeseen future circumstances.
Business Lawyers Can Negotiate Better Contract Terms
With an attorney, you stand a better chance to negotiate better business terms. A lawyer will write a contract prioritizing your investment. He/she will check the contract carefully to ensure you’ve missed nothing such that you may not be held liable later.
A Contract Attorney Will Help Settle Disputes
If you get a lawyer to help draft or review your contract, you’re sure to avoid the disputes that arise due to poorly written contracts. An attorney will make sure that the contract is written in line with the local laws and that your responsibilities are outlined to avoid wasting crucial time resolving disputes in the future.
Types of Business Related Contracts
Businesses involve collaborating with many groups of people, including potential employees, vendors and clients. You get all these people to sign the non-disclosure agreement that they cannot reveal to anyone any confidential information covered by the agreement.
Your business will require a licensing agreement if you have a product to sell. It allows you to make money from a product or service you designed by giving others the right to use it. A licensing contract includes such things as the payment, restrictions of use and reproduction right.
As a business, you’ll need to hire employees. An employee agreement outlines the terms and conditions of the employment. It includes things such as the pay, week hours and circumstances for termination.
This is an employee-employer contract that states that if an employee gets terminated from work, he/she cannot start a business that competes against yours.
It’s a contract between two or more business partners to share profit and bear the net losses equally.
Bill of Sale Contract
The bill of sale contract is among the most common types of contracts in business. It expressly states what the property is, the owner, when it was sold, how much it costs, and the seller. Legally, the contract identifies the owner of a property.
As a business, it’s essential to hire lawyers for legally binding contracts and to avoid future disputes. They have the expertise, understand the legal terms and all the state laws and regulations to draft complete contracts.