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How can you prevent contract disputes or handle those that arise?

On Behalf of | Jan 6, 2023 | Business Law

Signing contracts is just part of doing business. You need a written record of your agreements with other people, whether you just hired a new human resources specialist or made arrangements with a vendor that will supply you with rare produce for specialty desserts.

Of course, those contracts are only useful to you if the other party adheres to the agreement. There are sometimes disputes that arise related to contracts that necessitate lengthy negotiations or sometimes even litigation. Businesses may find themselves without the services or goods they require, often after making at least a partial payment.

How can you both address those contract disputes and minimize the likelihood of them occurring?

Create thorough, custom contracts

A contract is only as protective as the terms that you include within it. Written agreements can cover such a broad range of obligations and circumstances that there is simply no one document that will work for every situation.

In fact, even when you determine the kind of contract you need, whether it is a non-disclosure agreement or a lease, you will still need to carefully adjust the terms of the contract so that it accurately reflects your agreement and adequately protects your business.

Your contracts can include provisions addressing issues like missed payments and breaches by the other party. These terms can serve as an incentive for the other party to follow through on the agreement and can be a source of leverage in breach-related negotiations. From imposing penalties to requiring alternative dispute resolution, there are many ways to include terms in your contracts that will deter people from violating their agreements with you.

Reviewing contracts before you sign them is also crucial

If you are not the party to draft a contract, you may require support when reviewing the terms of the document for problematic inclusions. Having a lawyer that you can turn to both to create your own contracts and to review the contracts proposed by other parties will be crucial to your protection as you continue to do business.

Securing professional support for contract creation and negotiation, as well as enforcement efforts that may involve litigation, will help your business maximize profits and minimize what it wastes on contract enforcement efforts.

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