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Corporate & Business Matters
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Contracts
A contract is a
legally binding agreement between parties that
creates an obligation to do something, or, in
some cases, not do something.
The three main purposes of a contract:
- detail what both sides have to do,
- detail how both sides will get paid, and,
- give both sides a way out of the deal.
If all three purposes are not in the contract, it is
not a complete contract. The contract should
also clearly indicate when performance will
be considered complete. If you don’t have a
good contract, that’s when business brawls
start.
Contracts do not have to be in writing, but it
is best if they are. Writing the agreement down
avoids people later changing their story about
what was agreed to, and helps the parties focus
on the important points. A good, solid
contract not only protects your interests -- it
also provides a roadmap for the working
relationship between the parties. A good
contract decreases misunderstandings, gives
methods for working out problems, and defines the
exact relationship so there is minimal damage
if, and when things go awry.
To learn more about our full range
of services
click here.
If you have a question, call us at 703-764-9080 to speak with
one of our attorneys. |
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