Contracts are the foundation for both business relationships and many business successes. As a result, contracts should not be entered into unless the parties fully understand the contract and what they are agreeing to.
Because of the importance of contracts, it is essential to understand how to negotiate, draft, properly execute and enforce a contract. A contract dispute can be a drain on a business, resulting in time loss and costs so it is important be familiar with the best ways to address a contract dispute. Being familiar with the contract process, and legal resources available to guide that process, can help protect the interests of the business in the near term and in the long term as well.
Contracts govern relationships in business, franchising, real estate, construction and banking and finance. Contracts can fall into different categories and the remedies for contract disputes can also fall into different categories. Remedies can include compensation for financial damages and losses associated with a contract breach, rescission of the contract or enforcement of the contract, among others. The remedies available depend on a variety of different factors the parties should be familiar with.
Contracts outline the obligations the parties have to one another and the agreement they have made between them. Because they underpin so much of the commerce that is conducted on a daily basis, it is important to be familiar with how they can protect the parties, what to do when a contract disputes arises and how to utilize the contract process for increased business success.