essential legal contracts for your business

Essential Legal Contracts For Your Business

Contracts are essential in customer and business relationship development. Contract preparation is a keystone of a successful business. Every business typically has the need for specific contract types. Some businesses regularly use many contracts in their operations.

Contract preparation clearly sets forth the terms of business relationships. It’s crucial that any party—individual or business—clearly understands the contract terms before entering into the agreement and signing it.

Contract litigation can be the unfortunate result of improperly crafted contracts. Because each word counts:

  • Fairly drafted contracts offer the most protection for all parties involved.
  • Preparing, reviewing, and negotiating contracts is an essential step to the success of the business or organization.
  • Contract lawyers must document the intentions and obligations of the parties.

Our firm advocates for the client’s best interests throughout the contracting process. We draft, review, negotiate, execute, amend, and terminate contracts as needed.

COMMON CONTRACT TYPES

Many businesses need operating agreements, partnership agreements, employment agreements, purchase and sale agreements, non-disclosure agreements (NDAs), confidentiality agreements, or severance/separation/termination agreements. Some businesses need shareholder agreements, joint venture agreements, or independent contractor agreements.

Almost all businesses need general business contracts, including consulting services agreements, leases, settlement agreements, memoranda of understanding, franchise agreements, promotion/entertainment agreements, software/licensing agreements, franchise agreements, or loan agreements/promissory notes. Specific businesses need indemnification agreements, settlement agreements, endorsement or appearance agreements, or entertainment agreements.

WRITTEN CONTRACTS AND VERBAL CONTRACT ENFORCEABILITY

A frequently asked question concerns verbal agreements. Must businesses have written contracts to ensure they’re valid or enforceable?

Don’t take the risk. Why should your understanding, terms, or conditions of the transaction be subject to potential misunderstandings?

Don’t settle for oral contracts. A properly drafted contract is the hallmark of your successful business, regardless of the industry you’re in. A poorly drafted contract (or one that’s not written at all) potentially consumes resources in the future, e.g. time, goodwill, and money.

Eliminate the need to straighten out these possible misunderstandings by engaging Terry Spencer, an experienced Utah contracts lawyer now.

CONTRACT LITIGATION

Let’s say that a future dispute arises between the parties. The dispute results in a lawsuit. This scenario means that a judge will attempt to discern the intentions of the parties.

The judge will be asked to determine if the contract gives effect to the mutual intentions of the parties “as it existed when the contract was entered into…so far as can be ascertained.”

If the parties didn’t enter into a written and signed contract, then the parties’ intention must be evaluated by recalling often conflicting actions, memories, or opinions.

Unfortunately, the judge might not be sympathetic if the parties poorly negotiated or didn’t document an agreement. It is not the responsibility of the court to remedy errors. Its responsibility is to interpret the parties’ perceived intentions to the best of its ability.

When you or opposing parties fail to convince the judge, your case is lost. Why invite future disputes that may be expensive or impossible to resolve? Even with the best intentions, your business should engage experienced contract lawyers to craft a precisely worded, structured, and formulated contract.

Our practice negotiates and writes a wide range of contracts and documents for our clients. Each contract or document is crafted with legal expertise and is specific to your needs. Our contracts address your specific issues and are responsive to your needs.

Contact TR Spencer Law Office at (801) 566-1884 to discuss your contracts needs.

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