Contracts: 3 Facts For Business Owners

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8 July 2015 - 7:32, by , in Uncategorized, Comments off

Entering into contracts will likely be necessary for small business owners, whether with clients and customers or directly with other businesses. Contracts are legally binding agreements between you and another individual or business, and can include expectations pertaining to your working relationship in writing for reference later if necessary. It’s a good idea to protect your small business from financial problems if agreements are not properly carried out in a satisfactory manner by signing a contract in all business deals.

3 Important Facts About Contracts

  1. Vendor Contracts: Small business owners considering partnering with vendors for their business might consider hiring a legal expert to effectively develop and implement the agreement. Before signing a vendor contract, be sure to include clauses pertaining to expectations and deliverables in order to protect your small business from costly legal issues.
  2. Define Expectations: Clearly writing out contract expectations is instrumental for small business owners to successfully enter into a legally binding contact. Contracts need to define what will be provided, who will provide it and how decisions will be made in order to protect both parties entering into the contract.
  3. Experts Are Essential: Hiring a professional legal expert to assist small business owners is essential to ensuring each aspect of the contract is properly addressed. Contracts are vital if there is a dispute between the parties involved after a contract has been implemented. If you are not familiar with proper steps to take in creating, agreeing to and signing contracts, contacting legal professionals like those at Wilkerson Stanley is highly advised to prevent issues in the future.

Have you ever agreed to a deal in a legally binding contract for your small business? We’re there any lessons you learned from it? Let us know about your experience in the comments below and contact The Wilkerson Law Office for any legal counsel or advice regarding contracts!

Photo Credit: StockVault

Asha Wilkerson is the founder of The Wilkerson Law Office. Ms. Wilkerson provides skilled advice and counsel to for-profit, non-profit, and faith-based organizations in the areas of business and employment law. The mission of The Wilkerson Law Office, is to preserve the longevity of your business by ensuring that every aspect of your organization is legally sound and operating in compliance with state and federal law.

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