7 Tips for Creating a Solid Business Contract
Writing a business contract may sound like an intimidating task, but essentially it is a detail-oriented task. The role of an Indiana lawyer is to help you work through all of the details and build a contract that functions in variety of situations. Lawyers also explain how to comply with business law in Indiana so that the contract is enforceable. Regardless of the purpose of a contract, the following best practices will apply when creating it.
- Engage With the Decision Maker
Business contracts may start as a discussion between employees or agents of an organization. This may be fine during the initial stages, but you will spare yourself delays and disappointments if you conduct contract negotiations with someone who can make decisions.
- Name the Contract Parties Accurately
Most businesses work under formal corporate or LLC structures. The organizations’ precise names signing the contract should be spelled out completely under their formal legal names.
- Put Every Detail in Writing
If something is not mentioned in a written contract, then a court is unlikely to recognize it or insert its own interpretation. To avoid gaps in a contract’s terms, take the time to ponder the arrangement from every angle, and write the appropriate language to address important issues.. An Indiana lawyer may have insights that alert you to issues that you had not considered.
- Use Clear Language
Although you have to pack all details into a contract, this does not mean that it has to be heavy reading. Each element should be established within separate, numbered paragraphs. Employ clear, precise language that the average person can understand as you write each contract term. Sentences do not have to be complicated to convey legal information.
- Establish Which State’s Law Governs the Contract
This is especially important when parties from different states enter a contract. Legal advice may be needed to make this decision.
- Discuss Dispute Resolution
A statement that describes the methods for resolving disputes creates a clear next step when either party encounters trouble. Methods may be mediation, arbitration, or litigation.
- Specify All Payment Terms
A good contract includes all deadlines for payment, methods of acceptable payment, where payment goes, and all other pertinent compensation details.
At Webster & Garino LLC, an Indiana lawyer will thoroughly research your concerns and objectives while drafting your business contract. We have the resources to assist you in any aspect of contract negotiations or business litigation. Contact our office today by calling (317) 565-1818.