Good contracts are vital to successful business transactions

| Sep 23, 2019 | Business Transactional Work |

Whether you are just starting your business or have operated for some time, chances are you have entered into agreements with one or more parties. Some business owners adopt a “cookie-cutter” approach to business transactional work involving contracts. For example, they draw up a single contract template for all business agreements.

Let’s look at a couple of hypothetical scenarios. In the first one, you adopt the cookie-cutter contract approach and it serves you and your business well. In another scenario, you adopt the same approach to business transactions. However, one of the entities with whom you have contracted fails to honor their portion of the agreement.

You can always take your problem to an attorney with experience handling business transactional work, but wouldn’t it be better to avoid a dispute altogether? Contrary to popular opinion among business owners in California, it is possible to eliminate many contract issues before they can begin. Having a well-drafted contract specific to each situation is a great way to accomplish such a goal.

Like other business people, you may not have time to sit down and draft individual contracts, especially when you must negotiate the terms to be included in the document. Your legal representative can handle this for you and provide you with other services as well. For example, if one of your partners breaches the terms of your agreement, already having legal counsel in place can minimize the time it takes to resolve a contract dispute.

As one of the most overlooked areas of business transactional work, good contract-drafting benefits from meticulous attention to detail. Doing it right the first time, every time saves you money as well as time.

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