The Benefits Of Having A Commercial Contract In Place
Often people have a verbal agreement or oral contract in place and while this may seem sufficient, it can often leave the clients or those involved unhappy.
This is why establishing written contracts should be a prerequisite before engaging in any business.
What Is A Commercial Contract?
A commercial contract is a legally binding contract between an employer and the other party, usually an employee.
The drafted contract needs to uphold and align with standard commercial law and provide the employer and employee with proof and certainty of the agreement.
Written contracts clearly outline the obligations as well as the rights and duties of each party involved. A written agreement is typically drafted by a law firm and pertains to standard contract law.
Companies and persons associated have a liability to sustain in accordance with the law.
Why You Need A Written Contract
All too often there are disputes between one party and another in a business. Two parties are both entitled to certain legal rights but only if they've been clearly stipulated in commercial contracts.
Oral contracts do not hold any legal weight, as they don't provide much that could hold up in court if there was ever a dispute.
Before signing any contract, it's advised that you consult business solicitors for professional legal advice regarding certain terms and conditions in the written contract.
What Should Be Included In The Written Contract?
When you're intending to create legal relations, which is a standard legally binding agreement between two parties, there are certain terms that need to be stipulated.
The company should be transparent about terms agreed between its employees, or its clients, for any service provided.
Any services, payment terms, or any other necessary information regarding the business relationship need to be clearly stated.
The contents of the contract need to be in accordance with the solicitors regulation authority, which is the standard protocol among all registered businesses.
Any deal, risk, breach of agreement clause, and responsibilities should be duly noted in writing.
There are standard terms for any service rendered, and it's the responsibility of companies' lawyers to give guidance and ensure understanding for all parties associated.
Reading through a contract can be time-consuming, it requires an in-depth understanding of any obligation when getting involved in a commercial agreement.
When providing services, disputes about money are some of the most common issues encountered. Many businesses involve litigation to resolve an issue but that can be detrimental to a business relationship.
You can curate and cultivate a positive long term relationship, that will satisfy all parties involved, it simply requires dealing with any issues transparently and efficiently.
Who can provide me with the correct legal advice?
In most cases, a lawyer will be able to advise you. It's important to contact a lawyer or legal practitioner that understands your situation.
I've been unlawfully dismissed. What can I do?
Losing your job is terrible and can have a detrimental impact on your future.
Luckily, if you have a written agreement in place then your case can likely be legally resolved.
What security does a commercial contract give me?
There is a myriad of benefits to having a commercial contract. For example, if a dispute regarding payment arises and you've been the victim of unlawful actions by a company.
With a contract in place, you could prove their actions as unjust and they would be forced to pay you.
When should I take legal action?
This varies from case to case but generally speaking, you shouldn't let a few months go by before taking action.
Your time management of the issue at hand is a key consideration made by the court if the case is taken that far.
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