Business & Contracts
If you run a business, legal filings and contracts are part of the deal. For many business owners, drafting, negotiating and signing contracts are routine occurrences. Well thought through business contracts are a huge asset when conducting transactions. They encourage confidentiality, compliance and cooperation.
When executing business contracts, it is important to have the expertise of a skilled and experienced business lawyer on your side. Poorly worded, unclear contracts will not serve their intended purpose. This can nullify the process and expose your business to liability.
Business contacts are legally binding written agreements between two or more parties. They are only enforceable in civil court however if they follow specific contract law. It is important to be familiar with the types of contracts and documents you need to have in order to operate a legally and financially healthy company.
Business Contract Types
Any legally binding document used to govern transactions is considered a business contract. The business contracts required will vary between states, counties, industries and transaction type. However, there are some contacts that are virtually universal, including, but not limited to, the following:
Partnership/Operating Agreements. This is one of the most important and often overlooked documents for starting a business. You should determine how the business will be operated and conflicts resolved before issues arise.
Sales Contracts. These are sometimes called a “sale of goods” contract, a “sales agreement”, or a “purchase agreement.” These contracts detail the services, property or goods to be exchanged for immediate or future payment. In general, a sales contract identifies the seller, the buyer, goods and services, and important terms.
Service Contract. This is an agreement between your business and your client or customers. It outlines the terms and conditions of the services you will provide. Service contracts include the scope of work, timeline, compensation terms, dispute resolution and remedies and more.
Employment Contract. This contract is an agreement between an employer and employees. It can be formally written or even oral or implied. Business owners are well served in formalizing their employment agreements as unwritten agreements are open to misinterpretation and potential liability.
Contact the Donovan Melendez Law Office in Tampa Bay for Help
Mr. Donovan has years of Business and Contract experience. If you are interested in learning how we can protect your business, reduce potential liability and increase compliance, reach out to us at 813-280-0181.