Almost every business will have the need for some type of contract at one time or another while many businesses engage in numerous contracts on a regular basis. Every contract that your business enters into should be carefully drafted to make sure all of your business rights are protected and that the contract benefits your business and does not create any unnecessary burdens, costs, or liability.
Many business owners, however, may be unfamiliar with contract law principles and may therefore look to the internet for samples of contracts. However, such sample contracts with boilerplate terms rarely cover all of the bases that may be necessary to fully protect your rights in the contract. Instead, you should always seek the assistance of a business contract attorney to carefully draft a contract that is specifically tailored to your needs and best interests. We are an experienced business law office practicing in Tyler and have successfully helped many clients draft and negotiate a variety of contracts.
Important contract terms
Every contract has terms and conditions that outline the specific agreement at hand. Though terms and conditions may vary from contract to contract, there are many common terms and conditions that should generally be included in the drafting process. These include as follows:
- Duties and obligations of each party
- Rights to which each party is entitled
- Payments and payment schedules, including late fees and interest
- Limitations on liability
- Indemnity clauses
- Dispute resolution guidelines
- Confidentiality agreements
Every contract provision should be drafted in a way that is as favorable to your business as possible and you should ensure that no terms or conditions are unfair to your business.
At times, a party to a business contract will fail to live up to their end of the agreement. In such cases, legal action may be necessary to make sure that you are properly compensated for any losses you may have suffered as a result. Breach of contract claims can be complicated, however, as contract laws are complex and specific as to what constitutes a breach, how you may recover, and whether or not the contract was enforceable in the first place. Representation by an experienced business contracts attorney is essential in any type of legal action resulting from a breach of contract.
Contact an experienced contract drafting lawyer in Tyler today
If your business foresees entering into a contract with another business, an individual, or any other type of party, having the assistance of an attorney is imperative. Not all lawyers have the necessary experience to properly review complex business contracts and identify potential issues or to ensure that contract provisions fully protect the best interests of your business. Every contract you sign on behalf of your business should be taken seriously. This means you should never enter into any type of contract without having a business attorney negotiate and draft a contract that specifically addresses any unique issues or circumstances of this particular agreement. If you need to enter into a business contract for any reason, please schedule a consultation with us to discuss your needs, our services, and how we can help you.