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Business Transactions

Contracts are a major source of legal issues facing businesses. Virtually every business transaction is based on some type of contract – an oral promise, a letter, an email or a more formal written agreement. In order to ensure profitable continued operation of a business it is important to be careful about these communications and agreements. Although most oral promises, email agreements and letter agreements are fairly straightforward and do not require legal review, your situation can be discussed and questions can be answered about any agreements that you encounter.

Preparing a New Contract
More formal written contracts usually require legal review that can usually be provided quickly and efficiently. If you need a standard form contract to use with numerous customers or vendors, a solid agreement can be prepared for you. Since the firm has assisted a variety of businesses over a number of years, a similar contract may already be available that can be modified for your individual needs.

Reviewing a Proposed Contract
During the course of your business operations, a vendor or a potential business partner may send a contract to you for your signature. Every contract should be carefully reviewed to ensure that it will accomplish your objectives and that it fairly represents the agreement between yourself and the other parties. We can assist you in your review to ensure that contract is evaluated in light of your business objectives and we can assist you in negotiating and drafting any required changes.

Negotiating the Best Terms
Mr. Simpson has negotiated a considerable number of contracts on behalf of clients. Various negotiation strategies and plans can be implemented to accomplish your objectives in your specific situation. Complete negotiation assistance can be provided or “behind the scenes” assistance can be available if you prefer. The best approach for you will depend upon the specific negotiations, the parties and your preferences.

Security Agreements
Personal Property Security legislation is intended to simplify the giving and taking of security for personal property under contracts. The registration system can provide protection to you both as the grantor of security and as the secured party. Unfortunately, many people give and take security without understanding the implications to their business and possibly to them personally. Before registering a security interest or granting security, you should review the implications and ensure that the security interest will be properly registered to protect all parties.

Resolving Contract Disputes
The best way to resolve a contract dispute is to ensure that the contract is well-documented and unambiguous before it is executed. Contracts are usually entered into when there is goodwill between the parties. The potential for disputes needs to be anticipated when the contract is being drafted. A solid contractual document and understanding of the terms of the contract by both parties when the contract is executed will go a long way to preventing contract disputes.

If a dispute does arise, you need to carefully assess your strengths and weaknesses. This must be done from a business perspective rather than a personal perspective. Because contracts often involve personal relationships, you as a business owner may be biased in your review if that relationship is impacted. Contract disputes can often be resolved through negotiation once both parties understand their obligations under the contract.