WHY YOU SHOULD HAVE A BUSINESS LAWYER DRAFT YOUR COMPANY’S COMMERCIAL CONTRACTS
Commercial contracts may be simple or complex and may contain industry-specific terms, and conditions, as well as representations and warranties which must be carefully drafted to ensure the commercial contract protects the rights and interests of you and your business. A well-drafted contract will not only protect your business from legal exposure but will also contribute to your company’s financial well-being. As a business law firm, we are highly familiar with standard terms generally included in various types of commercial contracts. We deal with these contracts on a daily basis, and we will notify you if a clause, term, or condition seems out-of-norm or unexpected in your situation. By having us draft or review your commercial contracts, you can have peace of mind knowing that your business interests are protected and you are not exposed to unintended legal liability.
WHAT IS THE PROCEDURE FOR WORKING WITH US IN REGARD TO YOUR COMMERCIAL CONTRACT?
When you decide to engage our business law firm’s services for the purpose of drafting or reviewing a commercial contract, we will conduct an initial consultation where we will seek to learn more about your business and your financial goals. Once we clearly understand your legal and business needs, we will then proceed to draft or review the commercial contract as necessary. We always provide you with options regarding various clauses and we never include terms in your contract which we have not clearly explained to you. We are highly skilled at drafting complex commercial clauses with the goal that only one possible interpretation should follow once a reader reviews the specific clause. We draft all contracts with a “forward-looking lens” in the sense that we look to predict any gaps or loopholes in the contract. Our contracts are highly customized and tailored to our client’s specific situation. Finally, contracts drafted by our firm are reviewed multiple times with you throughout the different stages to ensure your industry-specific knowledge is included in the terms of the commercial contract.
THE TYPES OF COMMERCIAL CONTRACTS WE DRAFT
We have extensive experience drafting and reviewing commercial contracts including but not limited to:
- Asset Purchase Agreements
- Commercial Leases
- Confidentiality Agreements
- Dealership Agreements
- Distribution Agreements
- Employment Agreements
- Franchise Agreements
- Franchise Disclosure Documents
- Independent Contractor Agreements
- Intellectual Property Agreements
- Joint Venture Agreements
- Licencing Agreements
- Loan and Equity Agreements
- Management Agreements
- Non-Disclosure Agreements
- Non-Solicitation and Non-Compete Agreements
- Partnership Agreements
- Powers of Attorney
- Privacy Policies
- Project Management Contracts
- Promissory Notes
- Research and Development Agreements
- Service Agreements
- Settlement Agreements
- Share Purchase Agreements
- Shareholder Agreements
- Software Development Agreements
- Subscription Agreements
- Unanimous Shareholder Agreements
- User Agreements
- Workplace Policies
- Vesting Agreements
When drafting or negotiating commercial contracts on your behalf, our intention is always to mitigate risk and protect your business against liability. To learn more about commercial contracts you may visit our [business law insights] page where we discuss various types of commercial contracts. If you are looking to enter into a commercial contract, contact Jahanshahi Law Firm today to set up an initial consultation with an experienced business lawyer.
What are the Key Elements of a Contract?
The key elements of a contract include:
- Offer – An offer is a proposal that brings about negotiations. The party making the offer is often referred to as the offeror. Once the offer is placed, negotiations begin, and counteroffers are possible.
- Acceptance – Refers to the offeree’s acceptance of the offer placed by the offeror. Once accepted, a contract becomes legally binding on both parties. There can never be a contract without acceptance of the terms offered by the offeror.
- Consideration – This refers to the requirement that something of value must be exchanged between the offeror and the offeree. Consideration could be money or the promise to perform a service or act. For example, John agrees to cut Betty’s grass for $100.00.
- Capacity – For a contract to be binding, all parties must have the capacity to enter into the contract. Those who are mentally ill or under the influence of drugs or alcohol may not be considered to have the capacity for the purpose of entering into a contract.
- Mutual Agreement – Often referred to as “the meeting of the minds”, this refers to both parties’ intention to enter into the agreement. It may be possible that two parties have different understandings of the same clause or provision within the contract, ultimately leading to a failure of “mutual agreement”.
- Legality – This means that the subject of the contract must be legal in the sense that it does not violate any laws. For example, one cannot enter into a contract for the purpose of carrying out a criminal activity that is in violation of the Criminal Code of Canada.