When you do business, at some point, you will likely sign a contract with a vendor, supplier, client or someone else. Contracts are legally binding agreements that outline the requirements of the business relationship. When one of the parties in the contract fails to meet their end of the agreement, it’s considered a breach of contract. At this point, you may wonder if you have the right to sue. When you create a contract, there’s a good chance you outline the process to handle disputes. In some cases, it may restrict your right to sue (or the other party’s right to sue) if a breach occurs. If ..read more

As a small business owner, you know the importance of contracts. They are used for vendors, buyers, clients, and more. However, you may not know the business contract you use, the wording included, and other factors that can work for or against your business if a dispute arises. To ensure you protect your business, you must take steps to protect yourself with a solid contract. Some tips to help with this can be found here. Get everything in writing In the past, your word and a handshake were enough to solidify a deal in the business realm. This isn’t the case today. No matter what you or someo ..read more

You found a new supplier for your business, and the vendor seems great when you first start the process. They sell the materials that you need, they seem friendly and easy to work with and the price point is within your budget. You decide to buy from the vendor. It goes well for a while, but then the vendor begins missing shipments. You try to contact them and you just can’t get ahold of them. They won’t return your calls or your emails. You know that you need to find a new vendor, but what else can you do at a time like this? Start by considering why the issues happened First off, it may be w ..read more

Every day across America, people enter into contracts. Some of these contracts are for goods and services; others pertain to the business they own; and still, others are for legally binding relationships like marriage. There are many reasons for a person to sign a contract, but should you? Contract disputes sometimes arise that challenge the validity of the signee’s signature, based on whether or not the person had the capacity to enter into a legally binding contract. Challenging a contract’s validity There are several reasons why a contract may not be valid in the eyes of the law. One of the ..read more

As a contractor, you know that you need a “Plan B” and maybe a “Plan C” in case the unexpected happens. Some things, however, aren’t in your control. That’s why there are force majeure clauses.  Force majeure (“superior force”) clauses can limit your liability in the event of a hurricane or other damaging weather event like we know all too well in Mississippi. It may also be able to help you if there’s an unexpected shortage of material or labor. Force majeure clauses, like all provisions in a contract, need to be well thought out. It’s best that they aren’t too broad or too specific. How ..read more

As a store owner, it is highly likely that you rely on other businesses to provide you with certain goods and services. This is vital to ensuring that you have adequate stock levels to meet the needs of your consumers.  As with any business transaction, contracts will be at the heart of your dealings with suppliers. Often, such agreements are mutually beneficial, and long-term business relationships can prosper. Unfortunately, there are times when disputes can arise, to the detriment of your company. So, how can you avoid contractual disputes with suppliers and ensure that the profitabili ..read more

If you are in a partnership, the last thing you want is to be locked in a dispute with your business partner. A conflict is likely to affect operations and prove costly to the business in terms of time and money spent in resolving it. Therefore, it is essential to have a good partnership agreement that will set things straight from the start. It’s all in the details and the provisions of your partnership agreements. A well-drafted agreement can go a long way in preventing disagreements among partners. If you are in a partnership or intend to start one, here are some important considerations yo ..read more

When your business places an order with a vendor or supplier, you expect that order to be fulfilled. Money may already have exchanged hands, and you need the goods or services that you ordered. It is clear that this contract has been breached if the vendor never fulfills their side of the contract and you don’t get what you paid for. But what if the fulfillment of that contract is merely delayed? If you get in touch with them and they tell you that they’re still going to fulfill it but that they are a bit late, do you have to accept that, or have they breached the deal? A delay can be a breach ..read more

Signing a contract with a client sets out the terms that you and the client must meet. It’s imperative that both sides know their responsibilities and rights before they sign the contract. In most cases, contract terms are completed without incident. There are times when a client may need to break a contract. You’ll have to look at the circumstances as a whole so you can determine what you need to do. Typically, working something out with the client is beneficial since it enables both parties to have a satisfactory resolution. Listen to the client’s needs There’s a chance that the client may n ..read more

You expect the other party to adhere to the terms and deliver when entering a contract. However, they may fail to live up to expectations for various reasons, causing losses to your business. While the breach may be apparent, the effects may not be obvious at first, as they could end up affecting several aspects of your business. Legally, you are entitled to damages brought about by the breach, but how exactly are your losses determined? The are several types of damages There are several types of damages that you may receive due to the breach. They include:       Compensatory da ..read more