Business Contracts Attorney in Elizabethtown, Kentucky
Contracts are the foundation of every successful and strong relationship in the business world. Having a carefully reviewed and well-written contract can help every party involved in the agreement feel secure about their arrangement by knowing that their interests will be protected.
However, when a contract is not drafted properly or is not thoroughly reviewed by the contractual parties before signing, it can result in costly conflicts and time-consuming litigation. That is why having a skilled business contracts attorney from the beginning can help identify and resolve issues before they get out of your control and hurt your business.
At Caleb Bland Law, PLLC, we represent businesses of all sizes in Elizabethtown, Kentucky, and throughout the counties of Hardin, Nelson, Grayson, LaRue, Hart, Jefferson, Meade, Bullitt, and Breckinridge. Set up a consultation today.
Common Business Contracts
A business contract is a legally binding agreement between multiple contractual parties (in most cases, two) that engage in a business transaction. Common examples of business contracts include:
Warranties and guarantees
The United States government, in fact, is the largest customer in the world that contracts with small businesses to buy their products and services, according to the U.S. Small Business Administration. Such contracts should be given significant attention prior to signing as government contracts are subject to a myriad of complex laws and regulations.
Why Establishing Enforceable Contracts Is Important
Having a properly drafted and enforceable business contract is important for several reasons:
To clearly define the expected duties and obligations of the parties
To clarify the business relationship
To outline the rights of the contractual parties
To prevent misinterpretation or confusion between the parties
To prevent and/or establish methods for resolving potential disputes
To guarantee the confidentiality of the parties
This is a non-exhaustive list of reasons to always have a contract in place when fostering any business relationship. However, signing just any contract without reviewing its terms and, if necessary, negotiating more favorable terms, may be even worse than not having any contract at all. For this reason, it’s vital to reach out to a business attorney for assistance in drafting, reviewing, and negotiating the terms of your business contract.
Essential Elements of a Binding Contract
Not all business contracts are created equal. The law sets forth specific requirements that a contract must meet to be considered binding and enforceable. There are five essential elements of a legally binding contract:
Offer. One contractual party must make an offer to the other party.
Acceptance. The party that receives an offer must accept it.
Legal purpose. The purpose of the contract must be lawful and not contrary to public policy.
Consideration. One party must promise the other party something of value in exchange for the latter’s specified action or non-action.
Capacity and competency. All parties to the contract must be of sound mind and legally competent to enter into a legally binding contract.
Sometimes, parties might enter into a contract without realizing that the contract is not legally binding because it lacks some or all of the above-mentioned elements. This can cause disputes and other problems down the line, which is why it is essential to have a skilled lawyer carefully review any business contracts you sign.
How Our Business Contracts Attorney Can Help
At Caleb Bland Law, PLLC, we offer the following services in regard to business contracts:
Contract review. Our business contract attorney is ready to read through your contract—whether it was drafted by you or the other party—before signing it or sending it to the other party. Having an attorney review the contract can give you peace of mind knowing that your interests are protected and that you are not agreeing to anything you might regret later.
Contract drafting. If you are the party responsible for writing a business contract, you should understand the serious impacts a poorly written contract can have on your business. Our attorney can help you draft your contract in the most professional and prompt manner possible.
Contract negotiating. Not every contract you encounter as a business owner will have favorable terms for your business. However, you can try to negotiate the terms of the contract instead of simply rejecting it and missing out on what could be a lucrative opportunity for your business. Our attorney can assist you with negotiating the contract to ensure that its terms are in line with your interests.
Everyone’s situation is unique, which is why it’s wise to speak to a business contracts attorney and discuss possible paths forward.
At Caleb Bland Law, PLLC, we help business owners in Elizabethtown and across Kentucky draft, review, negotiate, and enforce contracts. We also help our clients make informed decisions regarding contract disputes to ensure that their interests and rights are protected. If you have any questions about an existing business contract or need help drafting one, get in touch today and schedule a free meeting.