Litigation is an almost inevitable by-product of a successful business -- but that doesn't mean that you don't want to take every step you can to avoid it.
The contractor: A blanket term used for individuals who provide services for business and individuals often outside the scope of their own services or abilities. if you?re a homeowner, you may have contractors coming over to work on repairs or installations. If you?re a business owner, you may have contractors making deliveries to or from you, or assisting with changes to storefronts and buildings. The one common element between contractors is the contract; a legally enforceable agreement between parties. In the case of home repairs, perhaps a clause in the contract includes additional property damages, or something time sensitive like a water heater repair before winter.
For centuries, people have been using their signatures to signal their consent to some agreement. Sometimes, it was a person's name written in a cursive or stylized manner. Other times, a simple "X" could be used when the signer couldn't write his or her name. Now we've moved past physical signing and into the digital realm which raises a simple yet important question: what is a signature?
President-elect Donald Trump has been at the center of a tremendous amount of controversy. For some time, the media on both sides of the aisle have had a field day examining how Trump manages to hire contractors who build beautiful, expensive buildings and then pay said contractors a fraction of the agreed upon cost. While this practice may be unethical, Trump is not doing anything illegal. In fact, he's taking full advantage of existing laws. And by knowing about his tactics, contractors may be able to protect themselves in the future from those who do not wish to pay.
If you run a business, there's no way to avoid them; business contracts are just a part of the deal. And, as annoying as they can be, a well-written contract can be the difference between losing your business and staying afloat. It may be the only thing protecting you and your business from a range of potential threats.
Contracts are useful tools businesses utilize every day to make agreements with individuals, other companies, contractors and employees. In fact, you could say that contracts make the business world go 'round. Unfortunately, sometimes the same contracts that are meant to protect are unfairly written and are completely ineffective. To avoid these common mistakes, you may want to work with an experienced business law attorney to ensure your next contract is both effective and enforceable.
Generally speaking, contracts are enforced and governed by laws in the states where the contracts were made. Depending on the type of contract, it will either be enforced by the common law or the Uniform Commercial Code. While both the common law and the Uniform Commercial Code govern contracts based on a set of guidelines, they vary greatly in their method and purpose.
Practically everyone in the business world understands that for an agreement to be reached there must be an offer and an acceptance. These two elements of business agreements can be made verbally or in writing, but must be present for there to be any agreement at all. Unusually enough, an agreement can also be made through silent acceptance. However, exactly when this exception applies may be up for interpretation.
Before signing a business contract, you want to fully understand the rights and obligations of both parties. Moreover, you want to have every assurance that the terms of the agreement are ironclad and legally binding. As such, you may believe that every point in a contract is enforceable. However, what happens if the contract in question is not the first set of terms agreed to by the parties?
If you own or run a company, you know how critical it is to employ and retain good workers. But in today's competitive marketplace, the very best people will always be in demand and have ample career opportunities. That's why employers sometimes opt to contractually secure the services of a valued employee.