Contract disputes, when not handled right, can quickly turn into your worst nightmare.

I’ve seen it time and time again. Minor disputes can escalate, which can quickly turn sour, damage your business relationships and even threaten the survival of your business and livelihood.

What are commercial contracts and why have them drafted or reviewed by a lawyer?

A commercial contract can be for anything which you and your business are buying or selling, whether that is goods or services. Clear, written contracts with customers and suppliers minimise the risk of disputes. Similarly, having clear agreements in place with employees, shareholders or partners can help to anticipate potential conflicts and prevent them before they arise.

It can be a long term framework agreement for a multi-million pound commercial contract, or it could be a one-off supply of products to a customer. Having a written contract in place is an essential part of doing business in today’s world. It’s important that your contract protects your business’s position – while remaining workable and not obstructing the commercial deal reached.

The importance of written contracts

While verbal contracts can be legally binding in certain situations, having written contracts provides clarity and helps to avoid misunderstandings. All businesses should have a clear process in place for resolving contract disputes, which may include negotiation, mediation, arbitration, or litigation. It’s important to follow the dispute resolution clause specified in the contract and seek legal advice to protect your business interests.

In addition, proper contract management practices – including contract tracking, documentation, and communication, can help prevent disputes and ensure that all parties comply with their contractual obligations throughout the contract duration.

What kind of contracts can contract lawyers review?

Contracts of all shapes and sizes. It’s vital to review and negotiate contracts carefully before signing them. It’s important to understand the implications of the contract terms, including any potential risks or liabilities. This is why it’s recommended you enlist the help of a contract lawyer to ensure everything is above board.

In recent times, Steven has reviewed and drafted the following, and many more besides:

• Distribution Agreements
• Agreements to supply goods or services
• Franchise Agreements
• Framework Agreements
• Supply Agreements
• Manufacturing Agreements
• Joint Venture Agreements
• Agency Agreements
• Intellectual Property Licence Agreements
• Shareholder/Partnership Agreements
• Advertising agreements
• Sales Agents Agreements
• NDAs (Non-Disclosure Agreements)
• Share Purchase Agreements (SPAs) and Asset Purchase Agreements
• Software licensing, SAAS and app development contracts
• Standard Terms and Conditions

Final words

Understanding the key elements of contracts, managing contracts effectively, and being prepared to address contract disputes are crucial for businesses. Seeking legal advice and implementing proper contract management practices can help mitigate risks and ensure smooth business operations.

Get in touch for professional advice on contracts and contract disputes.