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Importance of Using Contracts for Business Agreements

Published on July 28th, 2019

As a business owner or executive, it can’t be stressed enough that in order for you to sufficiently protect your company, you must have legally sound contracts in place for most, if not all, business agreements. 

 

We live in a litigious society, which underscores the importance of due diligence and working with a respected law firm. 

 

We work with our clients to develop business agreements for the transactions and the professional relationships in which a company engages. Your business lawyer can provide detailed insight insofar as what contracts your company may need. Here are the reasons why they are so important for a company to have in place:

 

  •         Facts in Place. A written contract between two parties should specify the terms and conditions of their agreement. Stating the facts of the agreement within the contract can prevent future disagreement or litigation. A contract written with the guidance of a business lawyer can be effective in these circumstances:

o   Between the employer and the employee.

o   Between a buyer and a seller.

o   Between the company and a vendor.

o   Between business partners.

  •         Enforcement. When a contract is in the form of a verbal agreement, depending on the circumstances and the parties involved, there are risks. If either party becomes disenchanted with any aspect of the agreement, including the length of time it is supposed to last, it can become contentious. A verbal agreement lends toward the parties remembering the agreement differently and it can become one person’s word against another. On the other hand, a written agreement prepared by a business lawyer will specify the mutually agreed upon terms, including costs and any other relevant information. Written contracts are much more enforceable. Your attorney can protect your rights if litigation is necessary for instances where the other party broke the contract.
  •         Clarity. With a written contract, each party has a clear understanding of what is expected of them, and what they can expect of the other party. Your business lawyer can make sure that the contract spells out any detail that could later come into question if not included in the agreement. Not only can this be effective for holding the other party accountable for their actions or lack of action, it can help you avoid costly courtroom litigation.
  •         Safekeeping of proprietary assets. If your company has sensitive and confidential product development assets and needs to safeguard them from the competition, it is critical to have a business law attorney generate non-disclosure and confidentiality contracts. They can be used with employees, contractors, and partners.

 

Contact a lawyer, like a business attorney in Charlottesville, VA, for more information.

 

Thanks to Dale Jensen, PLC for their insight into business law.

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