5 Contract Tips Every Business Owner Should Know

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5 Contract Tips Every Business Owner Should Know

1. Make sure the ESSENTIAL terms are in the contract. For example, are the parties specifically listed, is the price included, are the services to be performed or products sold included, is there a beginning and end date, etc? You would want these terms in here not only so that the parties understand their responsibilities but also because if there is a merger clause, terms not included in this document may not become a part of the contract.

2. Save revisions of a contract as well as any correspondence during the negotiating or contracting process (emails, texts, tweets, etc.). Not only is it easy reference for you later but might be admissible as evidence later against the other side.

3. Make sure you have ALL the pages to a contract—generally your signature is the last page. All agreements should have page numbers, preferably in the format of “1 of 7 pages.”

4. Make sure the other side has authority to bind. Nothing is more devastating than securing an agreement with “the other party” only to find that the person signing the document had NO AUTHORITY to bind the company.

5. Read! Read! Read! “I didn’t read that” is not a legal excuse. It makes you look like a bad business owner and will not suffice in Court. Read everything and ask your legal counsel questions. Your attorney should be able to provide answers to your questions or know how to find out.

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