How Much Is A 1 Month Old Supposed To Weigh How To Write Your Own Business Contracts: 10 Key Elements

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How To Write Your Own Business Contracts: 10 Key Elements

Everyone knows that the best practice in business is to put contracts in writing. But many small business owners don’t. In my experience, a combination of factors contribute to this error. Businessmen often do not want to add costs to a business deal by involving “lawyers”. Additionally, business contracts are often time-sensitive, and as a result, people often believe they don’t have time to consult with a lawyer. Here are ten elements of a good deal. Follow these instructions and you can do it yourself.

1. Put it in writing

Often verbal agreements are legal and binding; however, they tend to be more expensive and more difficult to enforce in court (in some situations they are not enforceable). Most contracts must be in writing. And this is where the problems begin. I have had clients use agreements from one business agreement in another, different situation with disastrous results. A written contract is less risky than a verbal one, but only if you have a document that clearly states the rights and responsibilities of each party in the event of a disagreement. Using affiliate agreements or online vendor agreements can be just as bad as reusing old agreements without carefully reviewing them. In one case, I represented a partner in a relationship. The parties had purchased the partnership agreement online and the agreement specifically enabled individual partners to compete with the partnership. Although this clause defies common sense, neither party read the contract and caught it. Therefore, it was enforceable to the great shock of one partner.

2. Keep the deal straight.

Contrary to what many lawyers think, you don’t need a lot of legal “jumping” to make a contract enforceable. Instead, you need short, clear sentences with a simple, logical heading system that provides the reader with a road map to the content of the paragraph. And yes, you can write your own contract if you try. Just like you can change the oil in a modern car or work on the tiles in the bathroom. You need to weigh the costs in time to use a lawyer. An experienced attorney should be able to offer you a flat fee upfront with no obligation, so it doesn’t hurt to ask.

3. Talk to someone who can sign the contract on behalf of the company.

Don’t waste time negotiating a business deal with a junior person who has to arrange everything with the person above them. If you’re not sure who has the authority to bind the company, ask.

4. Describe the parties accurately.

Include the correct official names of the parties to the agreement. Make it clear who is responsible for what.

5. Include the information in a written contract.

The rights and obligations of both parties must be mentioned in the contract. Most lawyers will include language in the contract stating that the written agreement is the complete agreement between the parties.

6. Define payment obligations.

Apparently, most contracts arise from deals where one party supplies goods or services and the other pays for them. Specify when payments must be made and the conditions for making payments. If you plan to pay in installments or only when the work is done to your satisfaction, say so and read the dates, times and requirements. Also consider including a payment method – check, cashier’s check or credit card.

7. Agree on the conditions that will end the contract.

It is reasonable to define the circumstances under which the parties can terminate the contract. For example, if one party misses too many important deadlines, the other party should have the right to terminate the contract without being legally on the hook for breaching the contract (breach).

8. Determine how disputes will be resolved and whether the winning party will be awarded attorneys’ fees and costs.

Write in your contract what you and the other party will do if something goes wrong. I am not in favor of arbitration. In California in particular, it’s a very expensive proposition, as retired judges who act as arbitrators command enormous fees. Many judges openly admit that they retired to make more money as arbitrators. You’ll also want to carefully consider whether the winner of the dispute will be paid attorney’s fees and court costs, such as filing fees, deposition fees, and the like. This can be a good idea if you might be fighting over a modest amount like $100,000.00 (I know, I know… Right now you think I have an unusual sense of modesty!) The reality is that without an attorneys’ fee clause, you can only win in name because arbitration and litigation are expensive. On the other hand, if you are more likely to be in breach of contract than the other party, you may not want an attorneys’ fees/expenses clause.

9. Select the state law governing the contract.

If you and the other party live in different states, you should choose only one of your state’s laws to apply to the contract to avoid a sticky legal wrangle later, and I can’t see any reason why you would agree to litigate under those laws. from a state other than California as I write this. Additionally, you will want to determine where you will arbitrate, arbitrate, or bring legal action under the contract. This is an important thing to consider when the other party presents the contract. For example, if you want to become a franchisee and you end up in a legal dispute, you may have to pursue it thousands of miles away under state laws that differ greatly from California.

10. Keep it confidential.

Often, when one company hires another to perform a service, the other company receives sensitive business information. Your contract should include mutual promises that each party will keep confidential any business information it receives during the execution of the contract. This clause is very different from a non-compete clause. California’s non-compete laws are unique and will be the subject of another post.

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