If you own a business or other commercial endeavor, you know the value of a solid contract that protects your rights and leaves little ambiguity between the parties. Well-drafted commercial contracts keep everyone on the same page and demand honesty and fairness on both sides of the transaction. Conversely, poorly drafted contracts allow loopholes, cause disputes, and often trigger expensive litigation. Whether your business is in need of new contracts or you want to review or modify existing ones, SederLaw’s Business & Corporate Law practice group has you covered.
Different Types Of Commercial Contracts
Contracts govern almost everything within your company and between your business and third parties. The larger the company, and the more numerous and complex the relationships, the more imperative it is to have clearly written and comprehensive contracts. In the absence of these agreements, misunderstandings can arise that may lead to lost revenue and productivity, damaged relationships, and costly lawsuits.
Depending on the nature of your business, you may require these and other types of contracts:
- Purchase and sale agreements to buy or sell a business interest
- Partnership agreements among co-owners of a business
- Employment contracts, including for executives and managers
- M&A (mergers and acquisitions) contracts to combine or acquire companies
- Construction contracts for developing new property or expanding upon or remodeling an existing building
- Non-compete agreements that prevent departing employees from siphoning customers from your business
- Non-disclosure contracts to keep sensitive company information confidential
- Licensing agreements by which you either acquire or license software or intellectual property
- Franchise agreements, especially for businesses in the food services industry
- Financing, bank loan, line of credit, and similar contracts
- Subcontractor and independent contractor agreements
Part of the value of having a skilled business and corporate law attorney is that your lawyer will recognize the various types of business relationships inside and outside your company where a commercial contract may be desirable. The next stage is to negotiate, draft, and execute these contracts with an eye toward protecting what matters most to your business.
Why Contract Negotiating And Drafting Are So Important
Most commercial contracts are subject to some degree of negotiations between the parties. Before you agree to sign on the dotted line, you should have knowledgeable legal representation to ensure your interests are being safeguarded by the terms of the contract. Moreover, you need to understand what your rights and obligations are under the agreement. Commercial contract negotiations take time and patience, along with having an effective advocate who is looking out for your business. You can count on this degree of representation from SederLaw.
Once the terms are agreed to, they have to be reduced to writing. This process usually involves more time as draft agreements are written and exchanged between lawyers. Both sides will generally have the goal of excluding ambiguous language and unfavorable or unenforceable terms. Bear in mind, however, that certain words or phrases have particular legal meanings to which you may not be accustomed. Failure to comprehend what these terms mean could put your business at a disadvantage. Our legal team will propose drafts, counter suggested terms that could be detrimental to your business, and help ensure the ultimate agreement reflects your business goals and values.
Contract Review, Interpretation, And Revision
Clients often come to us with existing contracts and ask us to review the terms in light of new objectives and plans for their companies. For example, they may wish to switch vendors to someone less expensive, so they want to know how to terminate the contract without breaching it. Or they may simply need to understand what their responsibilities are in the event something unusual like a natural disaster occurs. Our experienced attorneys can review and interpret your contract so you have a clear understanding of its terms and can avoid mistakes that might lead to a lawsuit.
Finally, if your current contracts are no longer serving your business needs, your company may need to revise them by entering into new negotiations with the other parties. On the other hand, the other parties may approach you with a similar request. Commercial contract revisions entail the same considerations that exist with initial contract negotiations and drafting, with the added complexity of a past business relationship with the other parties. We will review the changes you need, or the ones being requested of you, and advise you on the next steps.
Contact Our Worcester Commercial Contracts Attorney
Our firm approaches commercial contracts with an eye on not only the law but on various other factors such as market conditions, business customs, and the future needs of your company. When you retain SederLaw for your commercial contract needs, you have a law firm that understands the fundamental fact that every business – and therefore every contract – is different. We will work to protect your business, mitigate risks, and strengthen your relationships with employees, business partners, and others.
If you have questions about how we can serve the commercial contract needs of your company, give our team a call. We can schedule your confidential consultation today. Contact our business law attorneys today!