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Signing a contract is essential for all business owners, whether it is a small or large business . As a business owner, you could have in-depth knowledge regarding your business, but you may be fearful of legal agreements. Signing a bad contract can impact your business revenue, future opportunities, and even your relationships with trusted customers, partners, or clients. So before signing any contract make sure you’ll avoid these mistakes that some business owners perform which later hurt their business.
Below, I list 5 tips that will definitely help you keep yourself protected from signing bad agreements. 1. Don’t Sign A Contract Without Reading It First In general, businesspersons often sign a contract without reading it carefully. Agreements have terms such as delivery dates, payment dates, rights of termination, liability provisions, obligatory promises, and much more. Like they say you may be “signing your life away.” 2. Get A Lawyer If you are inexperienced with contracts or if you want to mitigate risks associated with signing a contract, you can hire a lawyer to draft or review the contract. A lawyer can help avoid and /or clarify ambiguous while properly explaining to you the key points of the agreement. 3. Keep The Contract Simple & Straightforward Avoid excess or confusing language in the contract. The goal should be to draft contracts in the simplest terms possible so all partners can comprehend his or her rights and obligations. It will help avoid making the process hectic for all parties. Clear and open communication enhances relationships and builds trust between parties. 4. Ensure The Person Signing Has The Authority This has happened many times in that parties get signatures on a contract from the wrong person or someone without authority. . So, it is always crucial to ensure that the person signing the agreement has the authority. 5. Make Sure Your Contract Is Valid A contract is only enforceable if all the legal terms & conditions are present, and it didn't violate any public policy or law. Therefore, be careful that the contract you are signing is enforceable and is drafted according to the law. Conclusion These are 5 tips to keep in mind before signing a contract. If you are signing a contract you must know key terms of the contract in order to avoid signing a bad contract. To acquire deep understanding of your contracts rely on a trusted legal advisor, create a legal terms contract sheet, and/or pay regular attention to court legal decision to stay updated on current law. Also, you never have to be without the support and counsel of fellow business owners if you join our entrepreneur and business Facebook group. Daily we share information and content for business owners. Click here now to join, tell us who you are, and always have the information that you need to support your company’s success. Do not delay...as your success may depend on it. Yoel Molina, Esq. (AKA “Mo”) Feel free to join our WhatsApp group if you want to know more aboutt his and more!
3 Comments
12/5/2022 06:39:17 am
It was fascinating to know that a business litigation lawyer can help avoid unclear terms while correctly defining the key elements of the contract. My friend told me that they need help with the legal processes in their business. I should advise him to hire a business litigation lawyer with vast experience in the field to help him with the betterment of the business. 22/9/2022 02:41:57 pm
I'm glad you helped us understand the importance of working with a lawyer if you need to sign a contract. My sister and I want to invest in commercial real estate, and we believe it'd be wise to follow your advice and find a lawyer to represent us. We're grateful for your intake on how to avoid signing a contract that looks vague to us. 26/9/2022 07:49:58 pm
It's great that you elaborated that you should consider all the important factors before signing the agreement. My uncle told me last night he was planning to have a consultation for the licensing of the sale of goods and services of his food truck business, and he asked if I had any thoughts on what could be the best option to consider. I'm thankful for this helpful article, I'll tell him that it will be much better if he consults a trusted business lawyer as they can help him throughout the process. Leave a Reply. |
AuthorYoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters.. Archives
May 2022
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