One way to think of a force majeure clause is as language in the contract that covers “stuff happens.” Sometimes, when you sign a contract, things beyond your control keep you from performing what you promised. You have every intention to perform according to the deal, but you simply cannot. This Clause Covers You During Disasters and Crisis These…
Contracts are legal documents, and they have a binding effect on those who sign them. You are relying on someone else to do what is said in the document. If you fail to follow the contract yourself, you can be subject to a lawsuit. Before you sign the contract, you should have an experienced attorney review the entire document….
An NDA is a non-disclosure agreement in which the signing parties generally agree not to disclose or reveal certain information they learn to outside parties. This is common in employment, where an employee will sign an NDA and agree not to disclose company secrets or proprietary information. This might include product formulas, client lists, processes, marketing strategies, and more….
One of the main characteristics of a civilized and democratic society is the freedom to contract – to come to an agreement with another to do (or not do) something. While you might have drafted the most intricate and bullet-proof of contracts, you cannot ensure that the other party will perform their end, and when they do not, a…
When you think of a contract, you likely think of a long, multi-page document that contains a significant amount of arcane legal wording. While it’s certainly true that many contracts are written, the reality is that a verbal agreement is just as enforceable under certain circumstances. Verbal Contracts and the Statute of Frauds So when are verbal contracts enforceable?…
Transactions are at the heart of business operations. Whether you are selling widgets to the general public, buying investment real estate, or buying and selling companies, transactions are what businesses fundamentally do. The outcome of these transactions can mean the difference between profitability and financial losses or even the continued existence of a business. As a result, it’s highly…
Contracts are usually for a set duration. Two people promise to each do something for a period of time. Unless the contract specifically covers the situation, you are better off renewing your contract when it expires. Some contracts will have language that deals with extending. Many deals will carry options where one party has the legal right to exercise…
When you are buying a car, the colloquial phrase for learning more about the vehicle is “kicking the tires.” When you are considering a business deal, you can think of due diligence as kicking the tires and then some. You need to learn as much as you can about the other entity before you commit to the deal. With…
When you enter into a legal agreement with another party, you expect them to keep up their end of the bargain. However, what happens when they refuse to perform their obligations under the contract, and then they argue that the contract is unenforceable? The reality is that some contracts – or certain provisions within contracts – can be held…
Vendors can play an important role for many businesses, and you likely rely on your vendors for your operations and to follow through on promises to customers. Vendors can provide many goods and services, from cleaning your commercial property to supplying materials for a construction job or to assemble your products. It is critical that a vendor is reliable…
