What Can a Written Contract Do For Your Business?
It is hard to believe that the original contracts associated with British Common Law were primarily written on sheepskin. Contractual agreements in those days were made with the utmost attention to detail. Often handwritten, lawyers acted as scribes writing with a fountain pen the terms and conditions of the agreement to manifest the intention to be bound by law. Sure, there were far fewer agreements to have to put in writing back then. But, to build a solid business foundation, you have to reduce all your major agreements to writing, especially when it involves your clients. Why, you ask? Because the client is your most valuable asset as a business. Treat them like a King and they will return time and time again. Keeping a good client is a lot less expensive than marketing to find new ones. And, a satisfied customer is a ready made marketing tool for referrals to your business. So, treat them well, while protecting yourself from the bad ones using the pen as your weapon of protection!
The origin of contract law is as fascinating as the types of contracts that are used in 21st-century commerce. If you own a business or if you are thinking of starting a business, contractual agreements for nearly every occasion can help protect your entity from potential litigation or disputes. At the Strong Law Firm we are happy to help businesses develop the types of contractual terms they need to be profitable and if necessary we will help in the negotiation process with the other party. Helping your business succeed is what we do for a living.
So many businesses are often left in shambles because of the failure to negotiate and form a valid contractual agreement between parties involved. The sad reality is that most small businesses put off hiring a lawyer until they have been sued. You never want the sheriff at your door with a copy of the summons and complaint if you can help it. Costs of litigation can cripple a small business and the process is agonizing. With a valid well-written contract in place the parties of the agreement know what is expected of them in performance and what will happen if they fail to comply. Converting your needs and expectations into a contract may also allow you to see whether your needs are realistic or too generous to the other party. If you have never had experience with negotiating a commercial transaction we can help. In many instances we are able to offer a flat fee for contractual agreements. Having an advocate in your corner can help take the burden out of the process.
One of the biggest reasons businesses fail is the “go it alone” mentality. As a wise business owner you should take in to consideration the amount of risk in play. If you have offered a personal guarantee to any lender and everything you own may be at risk. Worse yet, when the contract with your customer is not in writing, they can claim any new term or standard for proper completion was not complied with, and you may be stuck paying more than you made to get the job done. You do not want to be forced into bankruptcy by another party seeking to take advantage of you as your customer. We can make sure that customers and/or manufacturers do not steal your intellectual property. If you are engaged in a joint venture with another business in a similar field we can make sure that your trade secrets are kept safe and that you can prove in writing that they belong to you, not your partner. Hiring an attorney to help you organize your business and prepare the necessary paperwork you need to be successful is the first step on the road of building a viable business.
If your business has recently been sued because of a disagreement, please give us a call today so that we can begin working on your case. We may be able to minimize the damage involved and save your business from failure.