Those operating a successful business in Elizabethtown understand the value of well-drafted business contracts. With a solid business agreement, it is possible to avoid many legal issues before they ever have a chance to arise.
In turn, your business proceedings flow smoothly, unhindered by potentially costly and complicated disputes.
What are some different types of business contracts?
In the modern world, nearly all aspects of business operate through a contract. Examples of necessary agreements include:
- Purchase and sale agreements
- Licensing agreements
- Employment contracts
- Nondisclosure and non-compete agreements
- Partnership contracts
- Vendor agreements
The number of possible business-related contracts is virtually unending, but the list above can help you prepare to draft these agreements.
What fundamental clauses should business contracts contain?
To get a complete answer to which clauses are necessary, consider seeking professional legal counsel. When a business law representative understands your goals and other details of your business, they can provide all the answers you need. In the meantime, the contract provisions discussed below have a place in all business contracts.
- An arbitration clause defining how the parties will settle disputes without litigation
- An indemnification clause releasing one or more parties from liability in the event of described losses
- An acceleration clause demanding full performance or completion of the agreement upon a breach of the contract
- A legal fees provision explaining that the party that loses a dispute will pay for the other party’s legal fees
- A start and end clause for determining when a business contract begins and when it ends
What adds value to business contracts, aside from their provisions, is the wording of such agreements. Another benefit of attorney guidance in drafting business contracts is feeling confident that your agreements contain the proper legal language for maximum enforceability.