Making and Understanding Business Contracts
You have the great idea, the people behind it, and a place to start. That’s great, but what about ensuring that your personal assets and liabilities are protected? Starting a business isn’t easy. It involves details you may have never seen before, and details you may only deal with one time at the startup of your business. Sometimes making agreements isn’t easy either. Make one mistake against your private agreement and your assets are on the line. From simple, private agreements to large-scale agreements, a contract is an essential piece of the puzzle. There are plenty of things to consider when making and enforcing a contract, and here are just a few of the tidbits we like to remind our clients.
Know What You’re Signing
A contract can be a lengthy piece of reading to debunk with loads of terms and phrases that seem generic and useless to the average person. It’s believed, and often humored, that scrolling to the bottom of the “Do you agree to all Terms and Conditions?” for certain websites or purchases is the most common white lie in modern global history. Just looking at those contracts can induce a headache, and many of us just don’t see the need or have the time to read the technical lingo. While we can often get away with skipping the meat of a Terms and Conditions Agreement in trivial situations, in terms of legality and consumer protection it’s frowned upon. Every written contract binds you and parts of your assets to someone else. That’s serious business and should not be taken lightly. In business, knowing every single page of a contract is absolutely necessary because even the smallest violations can cost you your livelihood. In most other contract agreements, the smart thing to do is educate yourself thoroughly and read every aspect of it, however, at least familiarizing yourself with what is stated and what you are agreeing to can suffice, only if you accept the consequences associated with unknowingly agreeing to a legal circumstance.
Know What You’re Drafting
In addition to knowing what you’re signing, it’s important to know what you’re drafting. Knowing your own contract will disallow others to go behind your back or commit violations against your business and your assets. When owning a business, whether small or corporate, it’s important to draw boundaries to protect yourself and make your business run smoothly. There are many liabilities that go along with even the simplest of business ventures, and protecting yourself and your employees should be the first of many priorities. You own the business; therefore, you should decide and know your rules!
When Do You Need an Attorney?
A good rule of thumb to follow is to never enter any contractual agreement, taking pen to paper, without an experienced business law attorney. These attorneys can work as both a translator and an advice-giver. An inexperienced person, so to speak, can understand the technical verbiage, but it could take months to get through a contract that an attorney could get through in hours or days. Also, some agreements may not be in your best interest, and having an impartial party with legal expertise alert you can save a lot of time and money, and problems in the future.
If you are signing a contract and would like legal guidance, contact Schulz Stephenson Law for experienced attorneys who can work through any contract you need promptly and efficiently. Also, if you need a business contract drafted, we can help with that process to help ensure your assets and reputation are protected.
Schulz Stephenson Law represents clients regarding Business Law in Carteret County, NC including Beaufort, Morehead City, Atlantic Beach, Cape Carteret, and Emerald Isle as well as New Bern and other areas in Craven County, Pamlico County and surrounding areas. Contact us today for a consultation so we can discuss the next steps in making your dream of owning a small business as smooth as possible for you.