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Three Key Details to Include in Your Business Contract

On Behalf of | Dec 26, 2016 | Business Law

contract shaking hands.jpg

From time to time, a small business may need to draw up a legal contract with another party or business. As a legal contract, the promises made in the agreement are binding. A contract lawyer in Las Vegas can help you write the contract and ensure that all of the required details are included so that the contract will hold up in a court of law.

Spell Out All of the Details 

The crux of your agreement involves thoroughly explaining all of the details. Doing so ensures that there are no unanswered questions or disagreements about who is responsible for what in the business contract. Some details that you may need to include are dates, dollar amounts, and the rights and obligations of each party involved.

Dispute and Termination Circumstances

Your business contract should also include termination circumstances. If one or more parties cannot uphold their end of the deal, such as missing an important deadline, then the other party should be able to back out of the contract without any legal consequences. The agreements should also detail how disputes will be handled. For example, the contract could explain that any disputes are to be handled through a period of mediation or arbitration with an independent third party rather than going to court.

Dealing With the Correct People

The details of your contract should also include who the pertinent parties are. If one business has a change in leadership, then the previous person’s name may no longer be applicable. You may wish to use language in your contract that is not directed at a particular individual, such as, “CEO of Company X,” rather than Mr. John Smith, who might retire, be ousted, or leave the company.

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