Business owners regularly rely on contracts for interactions with suppliers, customers, and partners. It is imperative that the contract clearly set out each party’s responsibilities and expectations. If the terms of the contract are not clearly stated, serious and costly disputes can arise.
Those in the construction industry, for instance, will document negotiations to build an office building, a bridge, or a warehouse with a construction contract between the owner and the builder or contractor. The contract will detail the work, such as pre-construction services, and the work of engineers, architects, suppliers, and subcontractors. It will also have specifics on payment, phasing, and completion dates. A well-drafted construction contract will contain a liquidated damages clause if there is a dispute between the parties. And it should ensure that the parties have a well-defined dispute resolution process and the right to recover fees, costs and expenses.
In employment situations, the contract must define the scope of employment, salary, and possibly non-compete language.
Avoiding issues with contracts starts with the creation of the contract. Our legal professionals have drafted thousands of business contracts in every industry. The attorneys at MKC Law have years of practical experience drafting agreements that help eliminate issues from ever arising. A well-designed and legally binding contract will prevent future legal problems that may arise concerning the terms, the parties’ duties and obligations, and the applicable laws.
There are several reasons for reviewing a contract, especially in a business setting. Here are two of the most important aspects to be reviewed by the attorneys at MKC Law:
Terms. The terms of a contract can be misinterpreted or misunderstood. Many contract disputes stem from two interpretations of a key term in a contract, such as what constitutes delivery, and what happens if there is an interruption in services. Skimming through an important contract and signing may cost you. All terms and conditions in an agreement must be clear so both parties understand them to mean the same thing. That includes items such as the start and end date, duration, the specific goods or scope of the services bargained for, the compensation or consideration, payment terms, and the parties’ duties and obligations. The contract should also be reviewed for the specific remedies if one party breaches or fails to uphold their end of the deal
Laws and Regulations. Business contracts must comply with state and federal law and cannot commit a party to break any laws. Our attorneys will review your business contract for terms that are usury, against public policy, or for the formation of an adhesion contract. If the contract is between companies in different states or countries, it must be vetted to ensure that it states what jurisdiction’s laws will apply.
Questions and uncertainty in a business contract can develop into serious issues, and when that occurs, our attorneys are available to step in and assist. The skilled attorneys at MKC Law have the experience and resources to successfully resolve your contract dispute. Call us today at 602-274-9000 to discuss the details of your issue.