The Benefits of Consulting a Business Contract Review Lawyer
Business contracts exist to cover the many facets of daily business operation and ensure each party to an agreement has clear expectations and protocol for operation. Whether your business provides products or services you will benefit from business contract review services. Contract review services cover agreements that likely fall into one of these three main categories: employment contracts, joint venture contracts and sales contracts.
Using a Business Contract Review Lawyer
A properly drafted business contract is essential for any business because the contract helps avoid costly lawsuits. A well drafted contract also sets up the conditions that allow a business to operate successfully. Business contracts often require a great deal of technical language, and while a business may know what the contract should contain in terms of business needs, they may not know the specific Florida laws and precedent to take into consideration.
Businesses can ensure all legal requirements are covered by consulting an experienced business contract review lawyer. An experienced business contract review lawyer will review, negotiate and draft legal agreements according to state laws and the needs of clients. An experienced counsel can help foresee potential pitfalls in legal agreements and draft the necessary terms and language that will protect your business.
Types of Business Contracts
Employment Contracts between an individual and a company are one of the most common types of business contracts. However, there are a wide variety of legal requirements and conditions to consider when constructing these agreements. Every employment contract should establish the rights and responsibilities of both the employee and the company. In addition, the employment contract should outline terms and conditions for potential conflicts. For example, many businesses recently received loans under the Paycheck Protection Program as part of the CARES Act. While a business must have the same number of employees on payroll as it did prior to February 15th, the business does not need to rehire furloughed employees but can instead hire new employees without violating employment contracts. If, however, a business decides to rehire furloughed employees and an employee rejects the offer, that employee must forfeit future unemployment compensation eligibility. Situations like these can become complex and lead to legal action. It is best to consult an experienced business contract review lawyer when first undertaking employee agreements to ensure a clear, documented protocol is in place.
Joint Venture Contracts are contracts between two or more parties that agree to collaborate on a business project, such as a restaurant entering into a contract with a delivery service. Similar to employee contracts, joint venture contracts must clearly articulate the rights and responsibilities of each party. Content may include expectations, contributions, objectives, payment structure and length of partnership. Length of partnership can be influenced by many unexpected variables, which is why it is in the best interest of each entity in the partnership to consult an experienced business contract review lawyer to build termination clauses into their joint venture contracts. Such clauses allow for flexibility to end the agreement should the partnership no longer benefit one or both entities. With the onset of COVID-19, many businesses faced losses as their businesses temporarily suspended normal operations. Others faced plunges in sales as consumers complied with stay-at-home orders. Additional volatility in the market means more exposure to risk, which will likely impact partnerships. In joint venture contracts, it is imperative that businesses first seek to protect themselves and their assets.
Sales Contracts are legal agreements for the purchase of assets by a buyer from a seller. Such contracts outline the nature of the transaction, the legal obligations and rights of each party and any contingencies under which the contract may be changed or terminated. Establishing contingencies or “what if” scenarios is an important part of any thorough contract. Of course, accounting for all contingencies is a difficult endeavor, if not impossible. Business contract review lawyers can assist your business in drafting the proper clauses and language to account for both foreseeable and unforeseeable events between a buyer and a seller. For businesses that closed or perhaps changed delivery protocols during quarantine, it is wise to consult an experienced business contract review lawyer to revise existing sales contracts. The new contracts could include post-COVID-19 language that outlines a new framework between buyer and seller.
Call South Florida Law
Are you a business that requires employment, joint venture or sales contracts? Avoid the risk of contract loopholes and blindspots that can lead to conflicts and lawsuits that drain a business of time and money. Take proactive measures and consult an experienced business contract review lawyer today at South Florida Law. Contact South Florida Law today at (945) 900-8885 or via our contact form.