A significant number of civil cases were filed in Alberta in 2021, especially since this Canadian province is home to more than 100,000 active businesses last year. And you don’t want to add to the numbers.
Of course, there are many threats and risks to any business. But when you’re prepared and have the necessary protection in place, most of these risks are eliminated. And one of the most important protection you can have for your company is a business agreement that provides the legal protection you need.
So, before you negotiate or transact with another party, ensure your business agreement lawyers in Alberta have crafted a solid contract that will make everything run smoothly.
What is a Good Business Agreement?
Getting sued is one of the challenges of having a business. However, it is also one of the business owners’ most commonproblems.
Essentially, you would want to steer clear of such hassles. And to do so, you need the expertise of business agreement lawyers in Alberta, who will create a good contract to protect your business from liabilities.
And what is a good business agreement?
● Correctly identify all parties involved. Always ensure the names written in the agreement are correct, so everyone knows their obligations and who holds the legal right if there is a breach.
● Write in simple and concise words. When creating a contract, everyone must understands what’s written. Never agree to an oral agreement, as these are hard to enforce in court. Moreover, a contract does not need multiple subheadings, numbers, and parts, which are commonly found in most contracts, that are confusing. It’s better to write in simple sentences with clear words so the parties involved understand easily.
● Be very detailed. Ensure you write everything, not leaving even the most trivial things out. Clearly define the contract’s purpose and enumerate each party’s rights and obligations.
● State the payment obligations. Payment details are crucial in a business agreement. Hence, it needs to be established, approved by both parties, and written comprehensibly, so payment obligations are carried out thoroughly.
● Agree on what and when to terminate the contract. A breach of contract easily results in its termination. But there are also other instances when a party will want to end the agreement, especially when they are at a disadvantage because of the actions of the other. Thus, these circumstances need to be stated in the contract.
● Include solutions for conflicts. It’s common to have conflicts during business operations. However, it’s essential that both parties agree to resolve them rather than terminating the contract altogether, which may result in more losses. Thus, ensure you settle on solutions and include them in the written contract.
● Agree on a governing state. When one party is in another state or province, both must agree to a single governing state for the applicable laws.
● Ensure confidentiality. Confidentiality is a vital element of business agreements. It should only be known between the parties involved and their lawyers so their information remains safe.
It’s not enough to have just any business agreement. If you want strong protection for your investment, you need a contract with all the essential elements to keep your company safe and secure.
And more importantly, you need qualified and highly skilled business agreement lawyers in Alberta to walk you through the contract and negotiation process and help you understand everything written in the contract. Doing so lets you know your rights and obligations and minimizes the risks involved.
0
0
Average Rating