Putting an agreement in writing and getting all involved parties to sign on the dotted line is often referred to as creating a contract. As a business owner, you might have ongoing agreements that you need to honor every day with your customers, your employees, and your vendors. Just as you honor your side of these arrangements, you expect these people to hold up their end of the bargain as well. But if things go sideways, having your agreement down in writing can help protect your interests and your bottom line. Here's how hiring a business lawyer can help you create ironclad contracts that will protect your company in a variety of situations.
Ensure Expectations Are Set With Employees and Protect Your Company From Leaks
Every new employee at your business should have a contract stating what their job responsibilities are and make the terms of employment clear. This could be especially important if you are bringing someone in as a contractor and not someone who is officially on your payroll as a full-timer. Employee contracts can also be created if your company frequently creates new intellectual property and you need to make sure everything stays in-house. You could also ask your employee to sign a non-compete clause they will be held to if they ever leave. Any ongoing financial incentives for your employees should also be put in writing. Fortunately, a business lawyer can help you create all of these agreements.
Put Large Sales or Deals Into Writing to Provide Clear Terms
You might not need a 50-page contract for every sale you do, but if you are finalizing a deal worth thousands or millions of dollars, it's a good idea to go into knowing exactly what is expected of both the customer or client and the business. This contract could include terms that allow one party to terminate the deal early or it could make it clear that a late fee or other penalty is assessed if the customer does not hold up their side of the contract. Contracts with your customers make it more likely you'll get paid on time and will give you a better chance of seeking recourse if someone bails on a deal.
Show Vendors or Suppliers What You Require as a Business Partner
Do you regularly work with a large variety of vendors or suppliers to keep your inventory stocked? Perhaps you even allow certain vendors to send representatives to spend time on your sales floor promoting their brand to your customers. Contracts with these firms will make it clear what you expect as a business partner and will allow you to move on to another supplier if terms are violated.
To learn more, contact a company like Yevras Law Group, P.C.