A contract is a legally binding agreement that helps govern business responsibilities and relationships. It protects you and your interests, ensuring that all people and entities uphold their responsibilities. In business law terms, considerations are promises of monetary payment, goods and services exchange, and debt repayments. Consideration is the main element of a contract.
Why Are Contracts Important?
Any business or partnership will need contracts to ensure protection and smooth transactions. Whether you work in sales, real estate, construction, distribution, or any other type of business, you will likely need a contract drawn up. Contracts are also needed for employment, partnerships, confidentiality agreements, and other personnel matters.
Business contracts are important because they are legally binding. Contracts that are thorough and properly written will protect you if and when someone does not uphold their end of the deal. If a contract is not properly constructed, you could be directly and negatively impacted if and when a breach occurs. Contracts ensure the successful transfer of goods and services and outline exactly what is expected of each party. Having a contract will legally bind each party to the agreement, ensuring that either the terms are met, or legal consequences will ensue. This is where an experienced business attorney comes in.
What Do Business Attorneys Do?
Contract lawyers, or business attorneys, spend their time writing and reviewing contracts. If a contract is broken, they help settle disputes. They draft contracts, meticulously wording them to shield you from liability. They analyze the wording of contracts you are expected to sign. Finally, if a breach occurs, they analyze the loss and liability. Business attorneys at Johnson May Law are experts in the letter of the law, and no matter what type of contracts are involved in your business, it is imperative that you work with one.
A business attorney, or contract lawyer, can write contracts for you or your business. They will research, prepare, create, and update contracts on your behalf. If the wording of a contract is not ironclad, you may be out of luck if someone breaks their end of a deal. An experienced business attorney will ensure that the contract covers all business concerns, transactions, and legal procedures to protect you.
It is a crucial step when you have another person sign a contract, agreeing to do business with you and upholding what they are promising. You will want peace of mind when that happens, knowing it’s a thorough, legitimate, and legally binding contract. To ensure that you have that peace of mind, work with a contract lawyer.
If you are entering into business with a new partner or vendor, they will most likely provide you with a contractual agreement. This is standard practice, so you know exactly what is expected of you. Upon receiving the contract, it is important to have an experienced business attorney read over and review it. This way, you will know exactly what you agree to and promise to do.
Too often, people sign contracts without reading them. Then, they are shocked when they are on the hook after failing to perform a duty they weren’t aware they were responsible for. In order to avoid this disaster, have a business attorney read over any contract before you sign. They will be sure the contract is fair and clear, and they can help you understand the intricate details.
If a contract is not favorable for you, an experienced business attorney will be able to suggest revisions. They can reword the terms and alter the obligations to ensure that you are protected and are able to fulfill your promises. This will eliminate any unnecessary risk to your partnerships and agreements.
Manage Contract Breaches & Disputes
If a deadline comes and goes, and your vendor has failed to meet it, they have breached the contract. If an employee is not performing at the level that they’ve agreed to, they have breached their contract. If a bill has come due and you did not receive payment, the contract has been breached. If any party fails to meet their agreed-upon obligations, the contract has been breached. In these instances, it is vital that you have a business attorney working with you.
As long as the contract is in place and you have an experienced business attorney, you will be fine when these breaches surface. They will review the contract and advise you on the next steps. The contract lawyer will analyze the breach and examine liabilities, losses, and potential risks. In some instances, it is best to settle out of court, while in other situations, it is worth pursuing in court.
If a breach occurs, be sure to contact an attorney and be ready to share any and all copies–final and preliminary drafts–of the contract, any written or recorded correspondence you had with the signee about the responsibilities outlined in the contract, and the contact information for the involved parties. A good attorney will work diligently to protect you and recover any lost assets or value caused by the breach.
If the roles are reversed, and a person or business falsely claims that you have breached the contract, it is equally important to have a contract lawyer on your side. Even if you have upheld your agreements, made payments on time, and followed through with your services, someone may claim that you have not. This claim can be infuriating and scary if you’re not sure what to do next or how to prove you’ve followed through on your promises.
For your own peace of mind and protection, any time there is a contract in place, be sure to hire an experienced and trusted business attorney in case of disputes.
Hire a Contract Attorney Today
Whether you need a contract drawn up, a contract read over and revised, or help with the breach of a contract; Johnson May Law can help. We have an experienced team of contract lawyers who have been trusted for years. When it comes to business agreements and contracts, hire Johnson May Law to protect yourself, your assets, and your company. We are ready and waiting for your call to assist you with any and all of your contract needs.