Most people go into a business relationship with the best of intentions and cannot imagine that relationship changing for the worse.
That’s why it is so important that you and your business partner define the values, rights and responsibilities that will govern your relationship from the start, and that’s when you need to engage an attorney who can draft a contract that embodies the agreement of the partner.
Contracts align the expectations and obligations of each party involved and are essential for a healthy business relationship or transaction. Entering into a business relationship without a clearly defined contract leaves a business vulnerable to disputes and misunderstandings.
Contracts can be used to define almost any aspect of a business relationship:
- Agreements for the Purchase/Sale of a Businesses/Business Assets provide comprehensive guidance for the parties respective performances
- Employment and Personal Service Agreements clearly define job responsibilities, and provide certainty for an employer in matters of discipline and termination of employment
- Licenses for the Use of Intellectual Property such as trademarks, software, music, photographs, artwork and fiction/non-fiction writing, enable the content creator to monetize the value of his or her original work, and secure the creator’s ownership rights
- Agreements between Customers/Vendors describe the cost and specification for purchase or sale of equipment, materials, supplies or software
- Consulting Agreements with clients or vendors set the terms for the purchase or sale of professional consulting services (such as legal, accounting, engineering or business consulting services)
- Non-Compete Agreements restrict high-value employees from engaging in business activities that are in direct competition with a current or former employer
- Non-Disclosure Agreements prohibit disclosure of confidential or proprietary information or trade secrets
- Non-Solicitation Agreements restrict an employee from recruiting his/her former co-workers
Praxis Legal Solutions brings over 20 years of experience to the review, negotiation and drafting of business contracts. Our mission at Praxis is to identify the worst-case scenario for our clients, and draft an agreement that will limit the negative consequences should a worst-case scenario actually occur.
A well-created contract provides clarity and certainty that enables a client to manage for the downside should a worst-case scenario become a reality.
We Walk All of Our Clients through the Following Questions:
- What is the purpose of the contract?
- How long will the contract remain in effect?
- How will the start and end dates be defined?
- What will each party be required to do or provide?
- What is the time for performance?
- When will payment be due?
- What is the penalty for failure to perform?
- Which state’s law will govern the interpretation and enforcement of the contract?
- How will disputes be resolved? Litigation? Arbitration?
If you are considering entering into a new business relationship or transaction, contact Praxis Legal Solutions today to discuss preparation of a contract tailored to your needs. If you’re already in a business relationship that is not governed by a contract, we’d still love to hear from you to help you determine whether a contract is necessary or not.