Legal contracts are written rules of engagement and agreements between two parties. There are four basic parts of a legal contract.
First, the contract names the parties (individuals, businesses, etc) involved in the agreement. Defining what each party will be doing for the other is the second part of the contract. This is usually an exchange of products, services, money, or goods between the parties. The third piece of the contract is determining the price for the exchanged products, services, or goods and a fixed time for the payment. Fourth and finally, the last step is determining conditions or actions if one party does not fulfill their part of the agreement.
Perhaps it sounds like a very simple process to create a legal contract on your own with the four basic parts of a legal contract identified above. Don’t be fooled. Legal contracts can be tricky. Determining pricing and payment may be clear enough but adding strong conditions into the agreement to protect the interests and assets of the business is not always straightforward or clear to business owners.
In addition, interpreting legal contracts created by other companies may be difficult. Some of the elements and terms of the legal contract will be buried between exhaustive mounds of legal terminology.
Business Legal Management helps businesses create strong contracts to protect interests and assets and helps business owners interpret and sort through the legal jargon to assist with contract negotiations.
Contact us today for a free 15-minute Zoom consultation to review and discuss your legal needs.
DISCLAIMER- This website talks about various business topics and various legal situations. The statements given by the host or guests or author do not constitute legal advice given to any individual or business. The host and/or guests are giving their personal opinion based on their personal and professional experience. Examples given are given broadly as examples with names removed for privacy. If you do have questions about your business or legal situation, please reach out and email firstname.lastname@example.org to discus your business or legal situation.