Raleigh Contracts Lawyer Helping Business Owners Protect Their Business Through Written Agreements in North Carolina
Written, enforceable agreements are a key component to help your business run smoothly and be successful. Contracts can protect your interests, shield your business from liability and provide the means to hold the other party responsible for not complying with the terms of your contract. Here are a few important answers to common questions our firm receives concerning business contracts in North Carolina.
What Kind of Contracts Does My Business Need?
The type of contracts your business may require varies depending on the nature of your business. If you are planning on leasing a storefront or an office space to run your business from, for example, you may need to enter a lease agreement, which defines the terms of a lease and the rights and responsibilities of a tenant and a landlord.
If you have partners, you may want to have a buy-sell agreement in place, which specifies what should happen to a partner’s share of the business if that partner decides to leave or passes away. If you are going to hire employees, you may want an employee contract, which defines the type of work the employee will be doing as well as other aspects such as grounds for termination. If you are using vendors, you may want a vendor agreement. Working with independent contractors may require a contract as well. These are just a few examples of common contract types a business may need, but it is always a good idea to ask a cannabis industry attorney in Raleigh to make sure you have the right type of contract for your needs.
Why Are Written Agreements and Contracts Important for My Business?
While it may seem that certain business transactions may only require a firm handshake and a verbal agreement to seal the deal, only a written contract can offer you legal protection in case things don’t go as planned. Written contracts are legally binding and enforceable, and outline the exact responsibilities of each party. A contract can also contain provisions for dispute resolution, outlining what should happen if one of the parties fails to uphold their side of the contract or if there are disagreements.
Even if you already use written contracts, you may be jeopardizing your business and even your personal assets if the contracts you are using have not been drafted or reviewed by an attorney. There is simply too much at stake, so the safe choice is to seek the help of an attorney to ensure your contracts are written properly and will work as intended when you need them to.
What Should I Do if I Am Facing a Dispute Over a Business Contract?
Even the best-written contracts can sometimes end up in a dispute. That is why every contract should have a section that addresses the steps that the parties will take should a dispute arise. The most common methods for solving contract disputes are mediation, arbitration, and traditional litigation.
Through mediation, both parties agree to sit down with a mediator and try to reach an agreement together. Arbitration is similar but usually results in the arbitrator issuing a legally-binding decision at the end (much like a traditional lawsuit, but in a more relaxed setting and with fewer formalities and waiting time). If none of those options work and the parties cannot reach an agreement, traditional litigation is usually the final option for solving a dispute with the help of the court. As always, seek the help of an attorney at the first sign of a potential contract dispute.
Why Should I Work With a Business Contract Attorney?
Navigating the territory of contract law in North Carolina can be complicated and overwhelming for most business owners, especially when they have so much on their plates already. Taking shortcuts and using a contract template you found online may be risky and result in a lot of headaches for you and your business. By working with a contract lawyer such as Davis Legal, PLLC, you can have the peace of mind that your contracts are written in a way to protect your interests. If you have questions or need help with business contract matters, contact our Raleigh office at 919-756-6437.