How Contracts Protect Your Business

Is your business legally protected? Do you have custom contracts that suit the specific and individual needs of your business? These will help to reduce risks for your business, while preventing potential disputes too. In this blog post we look at how contracts can protect your business.

Every business relies on contracts. These are in place to ensure that the business operates effectively. They are used for clients, suppliers, employees and third-party partners. A good contract lays out everything that both parties need to know about how to work with and engage with your business. A properly drafted contract will protect you from a number of disputes and legal risks.

For example, there is a client contract, also known as a terms and conditions. This contract will ensure that there are clear terms for payment as well as delivery of good or services. It will also state how disputes are resolved. A client contract, or terms and conditions, is in place to help avoid misunderstandings that could damage a business relationship.

Your business may also require supplier agreements. These are formal agreements that are put in place with the suppliers you use for your business. The supplier agreement will set out expectations for things like pricing, delivery times and quality of goods, for example.

You will also require employment contracts if you are hiring staff. This contract is in place to ensure that you comply with employment law by providing an employment contract. The employment contract will outline the terms of employment. This includes things like job duties, pay and termination procedures.

If you are starting your business with others, you will require a shareholder agreement. A shareholder agreement will outline how decisions will be made. It will also state how profits will be shared and what happens if a partner wants to leave the business.

Do you have contracts in place to protect your business? When were they last drafted or reviewed? Here at Burgh Thorpe Solicitors, our commercial contract lawyers can draft and review your contacts to ensure that you protect your business. Call our commercial solicitors in Peterborough now to find out more.