When it comes to creating a new business contract, you always want to make sure all parties understand and agree to all terms and conditions. Business contracts should be kept simple and straight to the point, but there are also a few things you need to look out for.
Before creating and signing a business contract, take the time to meet with a Phoenix small business lawyer to review the contract thoroughly. All parties involved must be on the same page and agree to what is in the contract. This includes consenting to all of the important dates and ensuring that the contract is complete. Here are the top things to look for when creating and reviewing a new business contract.
1. Dates and deadlines
First, a couple of the most critical parts of a contract are the dates and deadlines. These dates and deadlines include termination dates, renewal dates, start dates, and delivery dates. The point of having these dates set in place is to reduce the chances of a breach of contract. Also, setting a timeline keeps projects more organized. Dates, deadlines, and timelines only work if all parties review them and agree to them. That is why they must be included and clearly stated in the contract.
2. Key Terms and Language
Of course, a contract must contain clear language and key terms that all parties involved understand. This is a significant part when reviewing contracts. Sitting down with an experienced lawyer to review the contract in detail to ensure that all aspects are understood is necessary, from dates and deadlines to payment and negotiation terms. All terms and conditions should be clearly outlined in a minor business contract.
3. Blank Spaces
A contract should be complete, meaning there should be no blank spaces. Any empty spaces left in a contract should either be filled out or removed from the contract before signing. These spaces should always be caught when reviewing the contract.
All contracts are different, but at the end of the day, all contracts should contain the same essential elements, including dates, deadlines, and clear key terms, and they should all be complete with no blank spaces or unfinished areas.