Avoiding Business Contract Disputes
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What are Common Business Contact Disputes?
Many businesses have contractual agreements. A contractual agreement is a legally binding agreement between two parties. The contract’s terms and conditions will require the parties to either do or refrain from doing specific actions. A contractual agreement is legally enforceable Moreover, companies may have several kinds of contracts with clients, partners, suppliers, vendors, and/or other parties.
In most cases, contracts are important to ensure protection for all parties. They can also be problematic if there are omissions or mistakes. These mistakes are many times not easily resolvable. These issues can be serious and detrimental to your business. All responsible Chicago Business Attorneys will vouch for these situations.
It is critical to avoid contract disputes the best you can. The most common business contract disputes include the following:
- Commercial Leases
Language or the lack thereof in commercial lease contracts leads to various disputes between building owners and business owners renting space.
- Non-Compete Agreements
Some companies want their employees to sign these agreements. Generally, they are used to ensure when someone leaves your business they can’t work for your competitors.
- Sale of Goods Contracts
These contracts involve the sale of goods between a supplier and a merchant.
- Non-Disclosure Agreements (NDAs)
There are many reasons why some may request to sign these agreements. One reason is due to the other party getting sensitive information that could ruin the business model of the seller if the information is leaked. Another reason companies may request an NDA is due to someone wanting to obtain quotes for working on something cutting-edge, pending a patent, or top-secret.
- Consumer Contract Disputes
A warranty guarantees a client or customer will get a product or service that was promised. In cases where a business doesn’t give a full refund or replacement after the return of the product or service, the client or customer can seek legal remedies. This includes the consumer contract dispute.
- Company Contracts
Many companies have contracts with each other that allow efficient operations around the globe. So, if you have a marketing company with each new client a contract is drafted. Another example is a website hosting company. With multiple clients and an online platform, each client will need a business contract that maps out all the details of the business agreement.
- General Material Breach
This is a blatant refusal to follow the contractual terms. Damages caused by these breaches could be worth millions.
How to Avoid Business Contract Disputes?
To avoid contract disputes the best you can adhere to the following actions:
- All parties involved must be identified in the contract.
- Ensure that the contract is absolutely clear, concerning each party’s responsibilities.
- If applicable, ensure the project schedule is shown in the contract.
- If applicable, detail the warranty and limit liability. Also, comply with the insurance coverage, warranty, and/or limited liability, if applicable.
- Having your contract reviewed by a knowledgeable and experienced Chicago business attorney will go a long way.
How a Business Attorney Can Help
There are many things top-notch business lawyers in Chicago can do to significantly eliminate business contract disputes. The most respected Chicago business contact dispute attorneys will go the extra mile by doing the following:
- Drafting a contract that is best suitable for your situation.
- Review a contract prior to you signing the contract.
- Explaining your obligations and rights.
- Seeking possible issues you may not be aware of.
- Offering legal representation in court.
- Negotiating contract agreements.
For more information about business contracts and disputes, contact Anthony J. Madonia & Associates today. For nearly three decades, this business law firm has been providing top-notch legal service for clients throughout Chicagoland. And as a result, this law firm has earned a plethora of accolades and recognitions from several prestigious organizations.
Not that many business attorneys in Chicago can say they have that many years of experience, nor can they say they have all or most of this recognition. So, instead of wasting your time looking up a slew of Chicago business dispute attorneys, contact Anthony J. Madonia & Associates now.