By Hampton & Pigott
Posted on 9-8-2021
Whether you have an established business or you are starting a new business venture, protecting your assets, rights, and interests are of utmost importance. That’s where having parties sign contract agreements will work in your favor. Regardless of if you are hiring a new employee or entering a vendor relationship, the quality of your contract agreement can make or break your business. That’s why we wanted to share a few common mistakes that business owners make when creating contracts so that you can avoid them in your business dealings.
The first mistake you can make is to fail to create and have parties sign a written contract at all. Oral contracts can be binding, but they can also be difficult to enforce. They also allow more room for misunderstandings. A written contract will outline a business relationship and responsibilities in detail and can give everyone a document to later reference if need be. It also makes it easier to protect your rights and assets.
It should go without saying that you should never sign a binding document that you do not fully understand. Take the time to read the agreement. If you do not understand a certain term, ask questions. Pay close attention to all terms and conditions because as was mentioned, a good contract is all about the details.
Another common mistake is to copy and paste a general contract template from the internet. Some may be tempted by the ease of this option, but a pre-made template will rarely be enough. Because it is not made specifically to your business, it is common to run into issues later. Having an agreement made specifically for your business and situation is going to benefit you in the long run.
Contract agreements can be complicated. Don’t leave yourself vulnerable. Contact our attorneys for help. We can help create a contract that is made for your objectives. Or we can help you review a contract you are considering and make sure that you understand all terms and potentially negotiate terms if needed.
Recent:
Categories
Archive
Oct 2024
Sep 2024
Aug 2024
Jul 2024
Jun 2024
May 2024
Apr 2024
Mar 2024
Feb 2024
Jan 2024
Dec 2023
Nov 2023
Oct 2023
Sep 2023
Aug 2023
Jul 2023
Jun 2023
May 2023
Apr 2023
Mar 2023
Feb 2023
Jan 2023
Dec 2022
Nov 2022
Oct 2022
Sep 2022
Aug 2022
Jul 2022
Jun 2022
May 2022
Apr 2022
Mar 2022
Feb 2022
Jan 2022
Dec 2021
Nov 2021
Oct 2021
Sep 2021
Aug 2021
Jul 2021
Jun 2021
May 2021
Apr 2021
Mar 2021
Feb 2021
Jan 2021
Dec 2020
Nov 2020
Oct 2020
Sep 2020
Aug 2020
Jul 2020
Jun 2020
May 2020
Apr 2020
Mar 2020
Feb 2020
Jan 2020
Dec 2019
Dec 2018
Jul 2018
Dec 2017
Oct 2017
Jul 2017
Feb 2015
Jun 2014
Jan 2014