I recently read a newsletter for Chase Law Group and DeAnn shared some important information regarding contracts. I wanted to share her tips with you. Below is her advice.
Whether you’re a dentist with a private practice, a construction professional looking to start on a new project, or the owner of a retail boutique buying new point of sale systems, you will utilize contracts in almost every aspect of your business. While the substance of a contract for a professional service provider differs drastically from those of a product development company, contracts universally form a solid foundation upon which a successful business is built. For this reason, it’s important to have a good understanding of the contracts your business utilizes to operate.
Service Providers & The Basic Contracts Your Business Needs
Exactly what contract your business needs is unique and depends upon a variety of factors. Businesses may need to make sure documents are HIPAA compliant, include lien laws, or non-disclosure agreements.
Contracts for Product-Based Businesses
Retail businesses have contracts with vendors, suppliers, payment processors, and marketing services. You may even contract directly with customers if they offer layaway, alteration, or credit services. In each of these cases, it’s imperative to make sure contracts are fair to the business as well as customers and compliant with the latest applicable laws and regulations.
Contracts All Growing Businesses Need
If your business has employees or independent contractors, you should make sure to have contracts in place with everyone individually. You should also have an Employee Handbook that details all the policies and procedures your business has for its employees which aren’t included in your specific employee contracts.
In each of these cases, these are agreements that a successful business will use almost daily, so taking the time to do them the right way is key. More often than not, these agreements will be signed and you’ll proceed with the work without issue. However, when problems arise, having a good, well-documented contract can save your business considerable time, resources, and the headache of dealing with unanticipated issues. Your contracts will guide you through how overdue payments are handled, how disputes are resolved, and which party is responsible for paying-up in any given situation.
Even if you’re confident you have good contracts in place, it’s still good to regularly confer with your business attorney to make sure they’re still legally compliant. When changes happen to your business’ structure, to local, state, and federal law, and even subtle changes like IRS tax regulations, you need to ensure that your contracts are up to date and your business is protected.
If you’re looking for an experienced business attorney to help you when you purchase or start your business and who can be there with you every step of the way as you grow, reach out to DeAnn Chase and her team at Chase Law Group, P.C. by calling (310) 545-7700. She’s worked with clients all over the South Bay area to help them set up, protect, and grow their organizations. Call or email today to set up a consultation.