A contract is a legally binding agreement between two or more parties to do or not to do certain things. The contract can be for the sale of goods or supply of services at a certain price, for commercial or residential leased space, for employment, for a loan, and the list goes on.
Depending on the type of contract, the specifics terms will differ, but most contracts share similar common elements. In addition to the general business terms (price, performance obligations, time factors, etc.) most business contracts will include the following sections: Representations, covenants, warranties, limitation of liability, assignment, confidentiality, governing law, insurance, compliance with laws, etc.
Contracts are often complicated and can contain legal language that the Law Offices of JL Hughes can help you understand . We can flag risks and also make recommend changes and additions. This can help you minimize risk, perform better, and eliminate liability.
It is always advisable to have an attorney draft or review your business contracts before they are signed. In reviewing a contract, parties need to make certain they understand the stated obligations under the agreement. If there is any uncertainty as to the duties of each party, and yet the contract gets signed, either party may be liable for breaching the contract.