Although you may have heard the saying more than once that ‘contracts are just made to be broken,’ in most cases that is not easy to do, and such action may result in unpleasant repercussions such as lawsuits and resulting monetary damages. As the owner of a business, you have probably signed your share of contracts, but it when it comes to creating them, it is vital to enlist the help of a skilled business attorney from an office like the Bolender Law Firm.
A legal professional will guide you in the basics of what you need in a contract. If you are hiring new employees, it is vital to have an airtight contract that not only outlines the details of their position, pay, hours, and benefits, but also includes any necessary confidentiality, non-disclosure, and non-compete clauses. If you are creating a contract for one or more partners that you will be sharing your business with, the basic points should cover who does what, business titles, who gets what in terms of shares and profits (and when), and how to handle any potential dissolution of the partnership and their shares in the business. Many other contracts may be needed too over the years, from agreements with vendors to real estate contracts or those regarding other property and inventory.
And while many of your contracts may be solid from beginning to end, and working relationships may span decades, agreements may need changes—some of which are required by the court. Contract reformation means that some parts of your contract may need to be changed due to confusion over the way it was initially worded. There may have been actual errors in the contract, or it may become obvious that one or more parties misunderstood and were uncomfortable with upholding their end of the current agreement.
If the contract is problematic overall, contract rescission may be necessary, terminating the contract completely—although there is always the possibility of creating a completely new one later. This may happen in the case of a contract that was not drawn up properly or was contributed to or signed by parties under duress. Once rescission occurs, all parties are freed from the terms of the contract.
Do you need legal assistance with drawing up a business contract or handling a business dispute? If so, contact the Bolender Law Firm. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!