As a business owner, one of the things you have to do is to work with third parties. To protect yourself, you always need to have contracts in place.
Creating contracts can be more complex than you think, though. A foolproof contract is hard to make, but with your attorney’s help, you can get a strong contract for whatever situation you’re in.
What are some of the things you should have in your contracts?
Contracts, to begin with, should always be in writing. They should be typed (which makes them easier to read) and signed by both parties and witnesses.
Another thing to do is to make sure all the parties to the contract are identified correctly. Don’t allow the use of pseudonyms or abbreviations, because you want to be certain that the other party is recognized if there is ever a problem that requires you to go to court.
If this is a service contract of some kind, you should include details about the services you’re providing or that you’re expecting from the other party. Any contract requires details. The more detailed you are, the better and more secure the contract will be.
You should also consider having an arbitration clause in the contract to prevent you from going to court due to a lawsuit. An arbitration clause can save you time and money if something does go wrong later.
Finally, make sure that you have your attorney go over any contract you intend to use or help you build a contract that’s specific to your needs. They have the experience to create a solid contract that will protect your interests.