No matter how eager you are to seal a new business deal or sign a contract, it is essential to understand what you’re agreeing to before you place your name on the dotted line. Initially parties enter into negotiations and discuss how the business deal will work. Then, a proposed draft contract is written in an attempt to memorialize the agreements made between the parties. This draft contract is usually prepared by one of the parties’ lawyers and it is then submitted to the other parties or their lawyers. When you receive that contract it is very important that not only you read it, but that you let your attorney read it that they thoroughly look it over. Many contracts can be quite complex and most will contain numerous legal terms and information that will require an experienced contract lawyer or business attorney to decipher, re-write, if necessary, and negotiate other terms of the contract in order to ensure that the contract is fair on all sides and that “the parties all have a meeting of their minds.”
Retaining an experienced business lawyer in one of the local areas that Goldstein & Scopellite, PC service, including but not limited to: Dallas, Texas, Fort Worth, Texas Denton, Texas, Plano, Texas, Phoenix, Arizona or Tucson, Arizona can help you make this process one that will benefit you in the long run and ensure success and productivity instead of having disputes later on that could lead to business failure and lawsuits being filed.
A properly drafted business contract should contain sections detailing what is expected from all parties involved, who has what title, and what each of the titles will be responsible for. This information will help reduce the risk of having party disputes later on. The business contract should also have the correct financial aspects of the deal, what amounts will change hands and when, delivery times, order periods, start-up costs, etc. Business contracts should also address how certain problems will be handled. This can help protect you legally and financially if the other party defaults or fails to perform as promised. Likewise, if your business should end up defaulting or performing poorly, you should be aware of what remedies or penalties the other party will expect.
When reading over a business contract, look for information regarding conditions that must be met as part of the deal. Go over these conditions very carefully with your attorney and make sure that the conditions are reasonable. If they are not reasonable, the contract should be revised. You should not enter into a contract that you may end up breaching as you could be sued. Also, be on the look-out for special definitions that the other party might include in the contract and make sure the definitions meet standards.
These terms of the contract should be detailed in full and if the contract is properly drafted, each party should be able to determine if the business deal is going to be profitable for them, or not.
If you need business lawyer or a contract attorney to look over your business contract or if your company needs a business lawyer that you can keep on retainer to assist you in contract drafting r review, contract negotiations, dispute that arise and possibly litigation, contact the qualified attorneys at Goldstein & Scopellite, PC. Goldstein & Scopellite, PC, which was established in 2002, has locations in Dallas, Texas and Tucson, Arizona. For more information, see their local listing in D Magazine and their websites at www.LawyersDallas.com and www.Lawyers-Tucson. com. Thank you.
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