Contracts are the backbone of successful companies. These important agreements not only bind people and entities to certain services and obligations, but they also serve as the front line of protection against any number of predictable and unpredictable events.
A well-drafted, negotiated contract serves as proactive business insurance, foreseeing common legal misunderstandings and conflicts and safeguarding against them. The more detailed and thorough your business’s contracts, the safer your company will be from both internal and external disputes.
Contracts Within Your Business
Internal business contracts are the first level of legal defense of any company. From management agreements and employment agreements, these contracts govern internal operations and help protect both the company and its employees from all manners of disputes and conflicts that may arise.
The best contracts generally help both sides “win” by offering protection and guidance through a number of events that may appear throughout the course of employment or termination. Common items found in management and employment agreement contracts include:
- Position and duties: It is important for contracts to carefully outline an employee’s duties and obligations as they relate to the position they are accepting.
- Pay: One of the most commonly referenced clauses throughout the life of each employment contract, a well-written pay clause will ensure that both employers and employees are clear on payment for services.
- Conflict Resolution: This is often one of the most important causes for employers, as it can help businesses avoid litigation and legal disputes within the company. From detailing how grievances should be reported to how they will be resolved, a solid conflict resolution clause can save a company time and money.
- Nondisclosure: Another very important clause, the nondisclosure agreement can protect important company information from being divulged to the public or competitors.
- Non Competition: This clause prevents employees from accepting employment with your company’s competitors or begin their own businesses that will compete with your own.
Commercial Contracts and Transactions
Internal contracts are not the only ones needed to protect a business through daily operations; contracts governing transactions with external individuals and businesses also play an important role.
Businesses must regularly engage the services of other companies and individuals, as well as buy and sell from various vendors and individuals. In order to ensure that these transactions are completed in a favorable manner, contracts must be drawn up for transactions involving:
- The buying or selling of property or goods
- Business sales and purchases
- Commercial leases
- Consultant and contractor agreements
As businesses grow and evolve, the contracts that once served them well may begin to fall short. Whether you are beginning a new business or helping your current business adjust to changes, developing meticulous and detailed contracts can help see your company through years of success.
For 25 years we have represented Larry H. Miller in his numerous transactions, from the acquisition of the Utah Jazz, the construction of the Delta Center (now Energy Solutions Arena), and the acquisition of K Jazz Television. We have also represented high tech industries, other automobile dealers, real estate professionals, design and construction firms, oil and gas companies, environmental firms, miners and mining industry, manufacturers and many other business areas.
Winder & Counsel: Commercial and Contract Law Attorneys
If your company is ready to develop contracts that can protect your business as it progresses over time, Winder & Counsel’s experience contract attorneys can work closely with you do draft contracts that are custom made for the way you do business. Do not settle for a common template that was not designed with you in mind—you deserve contracts developed strictly for your business. To speak with a contract law attorney today, call our office at 801-322-2222.