Business Contracts 101 for Jerseyville, IL
Business contracts and agreements are the foundation of any business. However, when these transactions are complicated, it is easy for situations to arise that neither party anticipated during the negotiations. A contract that is drafted by an experienced Jerseyville, IL area contract lawyer can establish guidelines for resolving any of these disputes. This will allow both parties to avoid any unnecessary delays and expenses, which helps them continue doing business.
What Makes Well-Drafted Contracts Good for Business
Having a well-drafted contract from the beginning of the process will make it less likely to experience a breach of contract. Clear and thorough contracts help business transactions go smoothly and ensure both parties understand their obligations and rights. An experienced Jerseyville, IL contract attorney strives to understand the expectations and goals of each side. As well as their previous business dealings and the customs and norms of their business when drafting a variety of agreements. These include:
- Sales Contracts
- Commercial Leases
- Distribution Agreements
- Licensing Agreements
- Franchise Agreements
- Construction Contracts
- Real Estate Contracts
- Supply Agreements
Entrusting business contracts and agreements to a professional business contract attorney helps businesses establish their expectations clearly. This prevents misunderstandings, avoids costly delays, and helps preserve beneficial business relationships.
Questions About Business Contracts
When you are confronted with a contract, it may be a smart decision to discuss the terms of the contract. You should consider questions such as:
- What are my expectations?
- Should we include an arbitration clause requiring any dispute to go to arbitration?
- What happens if the other party cannot deliver or perform?
- What if I need to cancel the contract or terminate the lease?
- Is it a good idea to have an option to extend the contract?
- What are the obligations of the other party if he or she terminates the contract?
- What are my obligations if I terminate the contract?
- If there is a dispute, how will it be resolved?
- Should we have a provision allowing the parties to mediate any dispute informally?
Remember always that contract law does not penalize a breach of contract usually. Every party in a contract has the right to breach and pay damages or perform the contract. You can draft a clause that deals with this possible risk, but do not overreach or the clause may not be allowed by the court.
If you are having issues with a contract dispute or you just need some legal advice, give our team at Diaz Law Offices a call today!