This blog recently discussed how thoughtful contract formation may be able to help reduce or eliminate contract disputes down the road. Continuity and cohesiveness through the negotiation and formation of a contract is helpful but it is also helpful to know how to manage a contract relationship and enforce a contract if there is a breach.
Contracts protect the present and future interests of a business so it is important they are designed to be effective to help ensure the success of the business. Some business owners may take contracts lightly and regret it later on. Contracts govern important business relationships such as the relationships with suppliers, vendors, contractors, business partners and others. Well-drafted and enforceable contracts can sometimes be the key to these successful relationships.
Contracts are commonly used and can be helpful in a number of industries including general business, construction and real estate industries. Financing contracts and franchise agreements can also be important for many businesses. Contract disputes can arise in a number of ways, including breach of contract, disagreements over interpretation of the contract, alleged fraud or misrepresentation or shareholder dispute situations. Any type of contract dispute can be disruptive for a business and the relationships it relies on for success.
Contracts can be written, oral and implied and it is important to know how to enforce a contract which can depend on the contract and the circumstances. Different options are available, ranging from negotiation to rescission and litigation, based on the situation and businesses should know how to use and enforce contracts to benefit them and their success. For more on enforcing contracts, visit our page.