At Starr Law Firm, P.C., in Texas, we understand that solid contracts represent the livelihood of any company. During the course of business, you may have contracts with many different types of entities.
Here are 5 common business contracts you may need, according to Forbes.
- Lease agreements
Possibly one of the most important legal documents you negotiate is the contract for the property where you do business. Unlike residential leases, commercial leases typically have many clauses that are open to discussion and negotiation, so feel free to seek the terms that your company needs.
- Loan agreements
If you are seeking funding through traditional lenders, you may be presented with a standard contract. However, lenders rarely design these documents with the borrower’s best interests in mind. Look carefully for language that defines penalties on prepayments and late payments, default terms, total cost, and your warranties and representation.
- Sales agreements
Other than retail businesses that make small sales, most companies that sell products need sales contracts. Depending on the product, you may want to include the price and price adjustments, tax responsibility, payment terms, warranties, disclaimers and limited liability clauses.
- Confidentiality agreements
Also known as nondisclosure agreements, these contracts ensure that anyone who needs to know your proprietary information cannot use or share it in any way that you do not allow. Your company’s bottom line may depend on your trade secrets and other intellectual property.
- Employment agreements
You may have confidentiality agreements included in your employment contracts. Other terms of the contract should include the job duties, salary, method of payment, benefits and dispute resolution methods, to name a few.
For more information about business contracts, please visit our webpage.