The Ties That Bind for Businesses: The Wide World of Business Contracts

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Even the smallest enterprises can benefit from clear, detailed business contracts that spell out each party’s rights, expectations, and obligations. But you might be surprised by how many different contracts you need to create and share. Let’s take a quick tour of just a few of the most common and essential ones.

Sales/Service Contracts – Sales and Services Contracts are the bedrock of business transactions. These documents establish agreed-upon prices, sales/service terms, and protections for sellers and buyers.

Employment Agreements – Your relationship with a new employee should start with an Employment Offer Letter that clarifies everything from job responsibilities to dispute resolution. Your employee may also need to sign a Confidentiality Agreement and/or Non-Competition Agreement.

Buy-Sell Agreements – Buy-Sell Agreements state the conditions under which co-owners can sell their shares of the business to each other, and at what rates. These contracts are especially critical for ensuring a smooth transition when handing down a family business to the next generation.

Lease and Loan Contracts – Whether you’re in the business of offering loans or you’re one of the countless entities dependent on loans, it’s critical that you have a detailed, understandable contract that explains payment amounts, dates, interest rates, and default issues. Commercial leases must cover similar points, including details such as lease abandonment and sub-leasing options.

Online Terms of Use Agreements – Websites should maintain detailed Terms of Use Agreements that lay out the relationship between customers or visitors and the business (or site owner). Even if you already have these terms in place, you may need to add new statements about how your site uses cookies to comply with Europe’s General Data Protection Regulation (GDPR).

Business contracts are serious, binding documents requiring the skills of a seasoned business attorney. Contact our firm to learn how we can help.