Business Contracts
Business contracts are legally binding written agreements
between two or more parties. They are an important part of
business dealings and such agreements need to be created and
reviewed carefully.
Whilst you may prefer to conduct business based on informal
handshakes, it is important to weigh up what is at stake.
The more that is at stake, the more essential it is to have
a signed contract.
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A contract serves as a guide that must be followed by both parties.
It presents each party with the opportunity to describe all obligations
they are expected to fulfil, and describe all the obligations they
expect the other party or parties to fulfil. A contract will limit
any liability, set time frames and establish payment terms.
A contract is, in essence, a written meeting of the minds, so although
one party typically draws it up initially, it should be seen as
a work in progress that changes and grows as each party contributes.
Once signed, it becomes an official document, which stands as the
testament of a mutually beneficial relationship or transaction.
Obviously, both sides should consult legal advice before entering
into any such agreement, as there is no such thing as a "standard
contract". At McKinnells, our commercial team deal with a high
volume of both business-to-business and business-to-consumer issues
and are able to spot potential problems early, negotiate effectively
and help manage risk in your business dealings.
Having an effective contract drawn up using qualified legal advice
is an essential part of modern business and will help to protect
your interests in case of any dispute.
Meet the Commercial Team...
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