Your Business Definitely Needs a Standard Form Contract
/Most, if not all, successful businesses that provide services and products to other businesses or consumers have a standard form contract. This contact essentially spells out the terms of any deal with a client or customer, as well as includes protections and contingency planning for your business. A well-drafted business contract by a skilled business lawyer can provide substantial benefits to your organization, particularly when something "goes wrong" and a dispute arises. I had litigated numerous cases where a business owner has justified their disregard for a contract by stating that "I have never had any issues before so why should I expect one in the future?" This is a short sighted approach to the reality that operating a business involves a substantial amount of legal liability. Almost every business during its life cycle will encounter a legal issue, and when it does arise, a well-drafted contact will become a worthy investment and help protect your business if you end up in litigation.
The words "standard form contract" is really a flexible term, and it is highly likely that each contact will be tailored to a particular deal or customer. The "standard" component will incorporate a contract structure, essential terms and conditions, as well as a deal structure. This contract will become part of your business best practices and will help your managers and employees enter into agreements that will not cause you additional legal headaches. Some of the "standard" components of a business contract include:
- Specific Services / Products
- Pricing and Payment
- Representations / Warranties / Limitation of Liability
- Dispute resolution - Arbitration, preliminary injunction, and other rights.
-Choice of Law / Venue
These are just a few areas that should be addressed by any "standard" form business contract. If you have not yet invested in a business contract, please contact the Law Office of Stefan Cencarik, PLLC, business and contract lawyers that works closely with closely held businesses. Or if you would like to ensure that your existing business contract meets your business and legal needs, please contact our contract lawyers at 617-669-9780 for a free consultation.