Tag: Business lawyers

Five Tips to Make Sure Your Contract is Airtight

Posted by rainmakereditor on October 31, 2019 with 0 Comment

While it is generally true that contracts can be broken—that usually does not occur without repercussions and sometimes severe financial and legal penalties. Walking away from obligations is never a good idea and allowing yourself to be vulnerable to the complications of a broken contract could be dangerous for both your financial standing and the health of your business overall. If you are a business owner, you will probably sign many contracts over the years—whether with employees and independent contractors, vendors, partners, or other entities.

There is little point in creating a contract, however, if is not as solid as possible. Here are five tips to achieve an airtight contract:

Be serious about the finest of details – this begins with outlining everyone involved in the contract, down to any dates of expiration for a business relationship, whether that is for a contractor, vendor, or someone else or another company.
If possible, include specific dates for any required payments. Finances are not a subject that should be left open to interpretation! Whether the contract is relying on you to make payments or for someone to pay you, this should never be left open to ambiguity.
Add a dispute resolution clause – whether you would settle a legal dispute using litigation, arbitration, or mediation, you can outline that clearly in this part of a contract, with the potential for saving monumental headaches later. Here, you can even be specific about where dispute resolution would take place, and who would pay any possible attorney’s fees. Alternative dispute resolution like mediation is extremely popular today for business disputes, and especially when the parties involved are interested in preserving a long-standing relationship.
Be clear about partnerships – outline titles, job duties, financial information and profit disbursement schedules, as well as information or agreements regarding exit strategies and what happens if a partner dies.
Discuss confidentiality – while this is important for full-time employees in many cases, it may be even more so for independent contractors—no matter what amount of time they work for you. And if your work is particularly sensitive, it may be necessary to have other sign a confidentiality agreement too.

Do you need legal assistance with a partnership issue or 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!

New Business Partner? Contracts May Need to Be Updated for Everyone

Posted by Jeffrey Bolender on May 7, 2019 with 0 Comment

If you are the owner or a partner in a business, you may find yourself immersed in daily details. While your true job is to make sure that the clients keep coming in by the droves, you may often feel like you are able to do everything but that. Your team needs you, and you must not only be a great role model to them, but also pay them, offer enticing benefits, make sure everyone is being treated properly, and continue finding good hires as necessary. You must work with vendors—and these could be extremely long-term relationships, so they should stay as positive as possible, always. There may be landlords, real estate to deal with, and so much more.

Aside from having enough capital to maintain your business, the other most important facet to keeping your company successful is how you run it. For many owners, this means bringing in new partners. Perhaps you are bringing in one new partner of your choosing, and someone you know you will get along with – or perhaps there is a new partner joining a group of you. Regardless, business partnership contracts are in order. And while many other aspects of your business may be critical, without a sound contract locked down from the beginning, a legal issue with a partner could be extremely costly to your business.

Upon bringing in a new partner, consider everything anew—and especially if you are restructuring. What will their duties be, along with everyone else’s now? Will there be new titles? What about pay structure and profit disbursements? There should also be clauses regarding any exit strategies, dissolution plans, and more, to include a conflict resolution clause to be put into effect if there is a legal dispute; in fact, this clause can be so detailed that you will know ahead of time whether litigation would be chosen as the mode for resolution, or perhaps mediation or arbitration. Writing new contracts may also be a good time to update other partner’s job descriptions as well as negotiating some financial terms.

Do you need legal assistance with 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!

Separation of Insureds Clause & How It May Affect You

Posted by Jeffrey Bolender on September 25, 2018 with 0 Comment

Let’s face it: the insurance policy is not exciting reading, and many of us overlook it despite the importance such facts (and choices) could play in our future later–with terms like separation of insureds being a perfect example. Filled with legal jargon and long paragraphs that seem to take forever to get to the point, you may find yourself taking a snooze when looking over your policy. It is a critical legal contract though, and one that could affect you and your finances enormously in the future, should the need to file a claim arise. Be sure to understand who and what are covered and for how much, peruse information regarding changes and renewals, and read over any enhancements, riders, or special clauses.

Separation of Insureds Protects Multiple Individuals

The separation of insureds clause may seem complex to understand at first, but basically it means if there are multiple people being insured on the policy, they are each protected separately within the claim. The point is who is being sued, not where the lawsuit is emanating from—as additional insureds are taken care of within your commercial general liability policy. Also known as the severability of interest clause, this part of your commercial policy should state that all provisions will apply to everyone listed under your policy.

Know What Coverage is Required for Your Business

While your coverages for business insurance may vary, California does require you to carry workers’ compensation and unemployment insurance. Comprised of property and casualty insurance, the commercial policy is meant to cover all the physical aspects of your business as well as liability for any harm that may come to you or third parties due to an accident or other injury. Aside from what is required by the state, the rest is up to you and should be discussed at length with your insurance agent. Getting informed about your options and making sure your business is completely covered is vital to your future, as well as those who continue to work for you and may be protected through your policy. You may also need to add more insurance coverage as your business continues to grow over the year. Be sure to review your policies at least once a year and discuss any potential changes with your insurance agent.

Contact Us for Help Now

Are you concerned about a recent claim, or are you trying to understand your insurance policy? If a dispute over a claim cannot be easily resolved through a call or written communication, the Bolender Law Firm will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. 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!