Make sure your contracts are protecting your business.
Clarifying Expectations, Protecting Your Interests
Contracts establish expectations, control liability, and protect against risks like non-payment. They can also preserve important rights, such as a contractor’s ability to obtain a mechanic’s lien. Whether it’s an estimate sheet for a home improvement or a purchase agreement for the sale of a company, having a good contract is key to protecting your business’s interests. Examples of contracts we create for clients include:
- Residential service agreements
- Bid sheets/estimate sheets
- Change orders
- Lease agreements
- Purchase agreements
What Creates a Contract?
A contract is a binding promise between two or more parties who agree to exchange something. Every contract should be unique in order to address the specific needs of the business that will use it. A good contract should be able to use plain language and meaningfully convey the shared understanding the parties have about their agreement.
Why Have a Contract Drafted by an Attorney?
An experienced attorney can find and address potential areas of dispute, such as payment schedules, product details, scope of work, and risk of loss. Additionally, an attorney can protect your business by including necessary provisions to help you collect amounts owed, choose a method for resolving disputes, and limit your liability.
What Happens if a Party Breaches the Contract?
When one party fails to perform its duties under a contract, the other party can be entitled to one or more remedies, including monetary damages, an order that the breaching party perform, or voiding of the contract. Specific damages may also be available, such as interest, penalties, and attorneys’ fees. Contract breaches are often resolved by negotiation between the parties or mediation, but may require a decision by an arbitrator or court if no voluntary solution can be reached.