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Business Law - What Is a Business Contract?

Author: CGles6891

Business contracts will offer protection to your businesses and customers. When business is tarted, one of the first things that you should do is make sure you have all your commercial contracts and agreements written out and organised. It would be advisable to have your business contracts written out by a legal professional to ensure that there are not loopholes. Another important and essential factor for your contract should be to make sure that they are written in plain English so that they can be easily understood and you and the person you are doing business with know where they stand in realtion to their rights and responsibilities. You may be liable for legal action if your contract is misinterpreted because it was not written in plain English.

When you run a business, your commercial contracts would usually include;

• Agency agreements
• Distribution agreements
• Facilities management agreements
• Franchise agreements
• Trading agreements
• The terms and conditions of the sale
• The terms and conditions of the purchase
• Joint ventures

Ideally your contracts should be specifically aimed towards the needs of the individual that you are doing business with including the exact terms of the deal you have made.

The following information should be included in a business contract:

• Parties - You should include the name and addresses of all the parties involved
• Definitions and interpretations - If you include any complicated terms in your contract you should clearly define what they mean
• Term of contract - how long the contract will last for
• Timescale - How long the work stated in the contract will last for
• Limitation of liability - to protect both parties should anything go wrong
• Termination provisions - you should detail how and when the contract can be ended
• Change of control - What will happen if there is a change in control of proceedings
• Dispute resolution - What will happen if the parties involve have a disagreement
• Confidentiality - Detail how information will be protected and when it will be used
• Intellectual property rights - Who will own the rights of the products provided
• Warranties - If you are providing goods you may want to offer the customer a warranty period on the product that they have purchased
• Indemnity - an indemnity clause will detail an amount of financial compensation that should be given if there is a damage or loss
• Force majeure - This should cover acts of nature which mean that neither party can complete work listed in the contract through no fault of their own
• Assignation (Scotland)/Assignment (Wales) - Whether the rights in the contract can be assigned to someone else and if they can, the way in which this can be done
• Applicable law - You should state which laws will govern the contract; if it was made in England you should state that the contract will be governed by the laws of England.

Article Source: http://www.articlesbase.com/law-articles/business-law-what-is-a-business-contract-4104267.html

About the Author

I am a legal writer covering advice on topics of law including business law, for further text and similar works visit business contracts or contact a solicitor today. For more legal advice and information, and for free legal resources I suggest you visit lawontheweb.co.uk.