Contracts are the building blocks of every successful business. Businesses rely on valid and enforceable contracts to protect their interests, build relationships, and complete business transactions.
Contracts are governed by state and federal law, which is why you might want to get legal counsel from an experienced business litigation attorney to assist you with contract drafting and review. As a business owner who wants to draft a contract, it is your responsibility to make sure that the document is legally binding.
At McCarter | East PLLC, our skilled attorneys have provided contract drafting and review services to businesses of all types and sizes, including but not limited to corporations, LLCs, partnerships, and sole proprietorships. Regardless of your document creation needs, our team of business attorneys is available to assist you. If you are in need of the drafting of any documents, call our attorneys in Murfreesboro and Berry Hill, Tennessee.
Depending on your business’s needs and goals, you may need the following business contracts:
Non-disclosure agreement (NDA) to ensure that certain information remains confidential
Partnership agreement to detail the rights and obligations of each partner
Indemnity agreement to protect you from liability caused by another party’s negligence
Property/equipment lease to specify the terms of the lease
Regardless of the agreement or document you need, our Murfreesboro, Tennessee, contract drafting and review attorneys at McCarter | East PLLC can assist you.
For any business, it is critical to have an enforceable contract and documentation in place to help it conduct business smoothly. A binding contract provides the necessary legal protection for a business. In addition to minimizing legal risks, an enforceable contract also specifies legal remedies for a breach of contract.
Having an agreement helps parties to the contract understand their rights and obligations. However, the creation of a contract requires the document to meet certain specifications. The contract must contain unambiguous and clear language to eliminate confusion between the parties, among other requirements.
A binding contract must include several elements to make the document valid and enforceable. Such elements include:
Offer. A party makes an offer to do something in exchange for something of value from a contractual party.
Acceptance. The contractual party must accept the other party’s offer and agree to the terms of the contract.
Consideration. Both contractual parties must receive some benefit from creating the contract.
Legality. The contract must contain lawful promises and terms.
Capacity. Both contractual parties must have the legal capacity to sign the document.
If a contract lacks any of the aforementioned elements, it could be deemed invalid and non-binding.
Creating a contract involves many legal nuances and potential complications. For this reason, many individuals and businesses make mistakes when drafting or reviewing contracts. Those mistakes can land your business in trouble. The following are common contract pitfalls businesses should avoid:
Failing to define the parties’ rights and obligations. A contract should eliminate any uncertainties regarding the rights and obligations of the contractual parties.
Not including a dispute resolution clause. A contract should set out the process by which the parties would resolve disputes when they arise.
Using contract templates from the Internet. A binding contract should be tailored for the specific needs of the business as well as the purpose of the contract.
Not contacting a skilled attorney. If you are considering creating a business contract, contact a knowledgeable attorney to help draft an enforceable contract that meets the legal requirements and your particular needs.
Drafting and reviewing a business contract is an intricate process because contracts carry legal weight. Having a poorly drafted contract can have significant negative consequences for your business. It is essential that these documents be composed by someone with extensive knowledge and understanding of the legal system.
At McCarter | East PLLC, we can help you create contracts and documents that meet your needs and adhere to the proper legal structure. Contact our contract drafting and review attorneys in Murfreesboro & Berry Hill, Tennessee, to receive assistance with creating a legally binding contract. Our Murfreesboro office is conveniently located just a few blocks from the courthouse.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.