If you operate a business in the state of North Carolina, chances are, you have a few contracts with different parties. Examples of business contracts include:
- Employment contracts
- Sales agreements
- Vendor or supplier contracts
- Lease agreements
When the person on the other side of an agreement fails to fulfill his or her obligations, this is a breach of contract. In many cases, these contract disputes lead to business litigation. Having all of your business contracts put down in writing protects you and your company when or if a dispute does occur.
If you do not have your agreement or contract in writing, it may take longer to resolve your case. In the worst-case scenario, the lack of a written contract may even result in losing your contract dispute. If a loss occurs, you will have wasted time, money and effort trying to protect your interests.
Sometimes, being on the losing side of business litigation makes it difficult to continue operating your company. Now that you understand the importance of putting your contracts in writing, it is time to learn how to do so.
The majority of successful business owners work with an attorney when drafting company documents, including contracts. This has the advantage of making sure your contracts are sound and legally binding. When armed with a well-written contract, you have a much better chance of winning your case.
Bonus advantage of working with a lawyer when writing contracts: If a dispute does occur, you already have a legal advocate on your side. This means you have ready access to a law professional who is familiar with you, your business and your goals.