Negotiation skills are essential for success in the dynamic world of business transactions. Whether buying or selling a business, entering contracts, or navigating other legal matters, a strong understanding of negotiation strategies is crucial. As an Idaho small business owner, it's important to confidently approach these transactions and seek professional legal guidance when needed.
Whether you're looking to buy or sell a company, form a partnership, or acquire assets, due diligence is an absolute must. Idaho's vibrant business environment presents abundant opportunities for entrepreneurs and investors, and understanding the critical role of due diligence is key to ensuring successful outcomes. Join us as we delve into the intricacies of business transactions in Idaho and uncover why due diligence is paramount for achieving favorable results.
You’ve done it! You worked and negotiated for months, and all parties have finally signed that contract. You compromised where you could, you held firm when you needed to, and the business contract was finally signed. Everything is laid out as it should be, but in America, there is more to that contract. Now that it is signed, both parties are required to act in good faith and deal fairly.
When it comes time for you to draft a construction contract, there are certain tasks and considerations that you need to be cognizant of to protect you from any unnecessary challenges. Some of these things include:
- you are a registered contractor under the law
- identifying whether you do private or public work
- identifying whether you are working to alter or repair a structure
Additionally, you want to account for these four parts in the construction contract.
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.
Owning a business is a highly personal endeavor. It is something to be proud of because you’ve worked long and hard for it. When it comes to starting your own business, selling your business, or buying a new business, there may be people trying to take advantage of you. Make sure you’re on guard to avoid these swindlers at all costs.
Avoiding Fraud when Starting your Business
You’ve finally figured it out! You thought of that perfect business venture that will bring you joy, freedom, and profit. After getting your idea and creating your LLC, many start-ups will look for investors to get their business off the ground. Unfortunately, this is an opportunity that scam artists take advantage of. Don’t let the excitement of your new business blind you to potential fraud–be sure to hire a business attorney for your protection.
Idaho attorney Chad Moody summarizes the disclosure requirements under Idaho Law. These required disclosures are important to help protect contractors working on residential construction projects.
Below is a formatted transcript of the video.
Hi, my name is Chad Moody. I am an attorney here at Johnson May. We have offices in Boise and Twin Falls, Idaho, and we're a full-service law firm.
Idaho attorney Chad Moody gives an overview of the recent changes to Idaho lien law for Idaho contractors that went into effect on July 1, 2022.
Previously in another video, Wyatt Johnson discusses mechanics liens in Idaho. We highly encourage you to watch that video before this one for a better understanding of the content.
A recent change to Idaho's mechanics lien statute is especially noteworthy for contractors, subcontractors, and rental equipment providers. Idaho law provides complex details pertaining to the scope, rights, and obligations and, ultimately the enforcement procedures of these mechanics liens. [This video does not address each of these issues.]
Real Estate is one of the greatest (if not best) investments a person could make. If you are a land developer, residential developer, personal investor, or construction company, there could be benefits to building subdivision development projects in residential and other areas. Subdivision developments can be financially beneficial and pleasing to investors and potential homeowners. However, while a subdivision is profitable, it is not always easy to manage and can be expensive. There are some caveats every investor needs to understand about subdividing and how it works so it can become part of their real estate investment portfolio.
Here are factors to consider when subdividing property.
Idahoans value community, honesty, and doing the right thing. Wyatt Johnson gives you the scoop on verbal agreements and if a handshake deal stands up in the court of law.
Below is a transcript of the video.
I'd like to take a moment and talk about the handshake deal. "My word is my bond." In all, except for a few circumstances, a handshake deal is a real deal.
There are exceptions—land (can't do that). big deals—but in a lot of cases, a handshake is a real deal. What if the other person forgets the deal? What if the other person changes their mind? You can go to court. You can force a verbal contract if you can prove it.