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The foundation of solid business contracts

On Behalf of | Jul 9, 2020 | Contracts

One important tool for Oregon businesses are legal agreements that outline expectations and requirements in certain types of transactions and relationships. Business contracts are useful for making sure every party does what was promised, and they can be helpful in everything from working with another company to hiring new employees. In order for these agreements to withstand scrutiny and be effective in case of a breach of contract, it’s important they be drafted correctly.

An important element in business contracts is clearly stating all the parties involved as well as how each party stands to benefit from the agreement. Each contract should be uniquely crafted to suit the needs and objectives of the individual situation. There should also be a clear accounting of all terms and conditions. A contract should spell out what each party will do, what they bring to the agreement and what will happen in case either party does not adhere to the terms.

Not only is it frustrating when a party does not do as required per the terms of an agreement, it can also represent the potential for financial loss for the other party. If the other party continues to refuse to cooperate, it may be necessary to take the issue to court. A judge may compel cooperation, restitution for financial loss or other types of remedies.

When drafting business contracts, an Oregon business may want to work with an experienced legal ally. This can ensure the terms of the agreement are reasonable and enforceable. An assessment of the individual situation can reveal what is necessary to include in a specific agreement in order to protect the interests of all parties. 

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