Why Is A Business Contract Important?
By OPLawSocialMedia on Business
Do you need a business contract? Learn why a business contract is important. Hi there, Roy Oppenheim. Sometimes I get a question that I’d like to try and respond to. “What is a business contract?And why do businesses need lawyers to assist in negotiating business contracts?” It’s kind of a loaded question because business contracts are the heart and soul of all businesses.
A business contract could be a symbol between a buyer and a seller, or a vendor and a business, or an employee and an employer. They’re all technically business contracts, but in these contracts, there are lots of terms that have to be negotiated. So, one of the first terms that would have to be negotiated is if there’s an issue with the contract, where is that contract going to be resolved?
Is it going to be resolved by state law? Which state is going to have jurisdiction over that law? And then what process are we going to use to resolve the dispute? Is it going to be litigated, meaning going to court? Or is it going to be arbitrated by arbitration? Or is it going to be mediated through mediation? Are there going to be class action restrictions?
Are there going to be liquidated damage provisions? Are there going to be other damage provisions or limitations on the damages? Are there going to be indemnification provisions? Other parties that will be responsible if something goes wrong? Insurance is a type of business contract. And so there’s just so many different kinds of business agreements that today it’s virtually impossible for a business owner to be the party to understand all these agreements, and that’s why typically you’re going to have a lawyer by your side who’s going to assist you in untangling these agreements and helping you negotiate them for your best interest.
And so that is really what business lawyers do as it relates to business contracts or, of course, other kinds of business contracts. There are mortgages, there are promissory notes, buy-sell agreements, there are partnership agreements. These are all part of the family of business agreements that business lawyers have typically found. So if you’re in business, and you’d like to have a business lawyer or you have a particular question, feel free to call the lawyers at Oppenheim Law. Need a Business contract? Click Here: Business Contracts