What is a business contract?
A business contract is a legally binding agreement between two or more parties to do or not to do certain things. For example, a business contract could be for the sale of goods or supply of services at a certain price.
The specifics of business contracts differ, but most share similar common elements. In addition to the general business terms (price, performance obligations, time factors, etc.) most business contracts will include the following sections: Representations, covenants, warranties, limitation of liability, assignment, confidentiality, governing law, insurance, compliance with laws, etc.
Do you need an attorney to help review a business contract?
In short – Yes. In reviewing the contract, parties need to make certain they understand the stated obligations are under the contract. If there is any uncertainty as to the duties of each party, and yet they signed the contract, they may be liable for breaching the contract.
Contracts are often complicated and can contain legal language that attorneys can help you understand better. An attorney can flag risks and also recommend changes and additions. This can help you minimize risk, perform better, and eliminate liability.