Tag Archives: agreement

What Should You Look for in a Contract?

look for in contract pic

If you have ever tried to read a lengthy contract, you know it can be overwhelming. However, if you sign a written agreement without reading it, the law assumes that you not only read it, but that you understood it and agreed to its terms. If you are considering signing a legally binding document that you do not understand, it is important to ask questions or obtain legal assistance from a business lawyer. The term “contract” can include purchase orders, work agreements, sales documents and other similar documents.

It is also essential that you keep a copy of any contracts you sign for your own records. If you fail to do so, it can make it difficult for you to ensure that you (and the other party) are fulfilling your obligations. You shouldn’t rely on verbal promises made by the other party to convince you to sign the agreement. Only the promises and agreements made in the written document will be controlling.

While no two transactions are identical, below are a few basic elements that you should look for in a contract:

  • If money is being exchanged, the full amount to be paid should be clearly shown
  • Any finance charges should be expressed in dollars and cents
  • An detailed list of all services to be provided
  • All due dates or deadlines for payment or other types of performance should be provided
  • A detailed explanation of each party’s duties and obligations should be given

You should never execute a document that is incomplete or contains blanks to be filled-in later. You should also read the fine print. Even though it may be made to seem less important, it is still binding.

Entering into a legally binding contract is a decision that should not be taken lightly. A contract binds you to the other party for a period of time and it imposes a duty on you that you must be willing fulfill. If you do not understand the terms of a contract Faro & Crowder for the guidance you need. We will walk you through each provision of the agreement, protect you from unintended liability, and ensure that you understand what you are signing.


Understanding Electronic Contracts

Today’s technology has impacted the way we negotiate and revise contracts. The use of email makes the process much easier and quicker, but it can also lead to unexpected liability. There has been a drastic increase in the use of “electronic evidence” in litigation cases across the nation. In fact, many lawyers are using email conversations as evidence to prove that a binding contract was created between the parties.

Understanding Electronic Contracts | Brevard County Bankruptcy Attorney

Attorneys serving Eau Gallie, Brevard County

Uniform Electronic Transactions Act of 1999 | Electronic Contracts

The Uniform Electronic Transactions Act of 1999 provides that binding contracts can be formed by the use of electronic records. The basic requirements of a contract must still be met for it to be enforceable. To learn more about the basic requirements of a contract, please read our blog titled “Breach of Contract Basics.” If an email exchange demonstrates that there was an offer, acceptance, consideration and the intent of the parties to be legally bound, the court may find that an enforceable contract exists.

Tips to Safeguard Yourself When Negotiating an Agreement via Email

So, the question is, how do you safeguard yourself when negotiating an agreement via email? Here are a few tips:

  • State your intentions clearly and concisely. This may include a statement that your email is intended for negotiation purposes only and does not constitute an agreement until a formal agreement is signed by the parties. This statement should be included in every email.
  • Provide your employees with proper training regarding your company policies and procedures for electronic correspondence. You should consider requiring all employees to have their emails generate an automatic blanket disclaimer stating that they do not have the authority to bind the company.
  • If the other party indicates that it is relying upon the email conversation as creating a valid and enforceable contract, set the record straight immediately. The quicker you take action and clarify any misunderstanding or confusion, the better. You don’t want the party to rely on your email exchange and incur damages that could lead to litigation. Better to be safe than sorry!

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

What Should you Look for in a Contract?

We have all heard that it is important to read a contract before you sign it. However, many contracts are full of legal mumbo-jumbo that doesn’t make sense even if you do read it. Yet, the law assumes that when you sign a legally binding document, you have read and understood it. As a result, if you read a contract and you don’t understand its terms, it is important to ask questions or seek the assistance of a lawyer before putting your signature on it.

You should never rely on oral promises that are used to persuade you into signing the contract. The entire agreement must be contained in the written document because it will be controlling. This includes all types of contracts including purchase orders, employment agreements and any other type of agreement.

Keep A Copy Of the Signed Contract

It is also imperative that you keep a copy of any contract that you sign. Failure to do so could result in the other party trying to take advantage of you. Additionally, it is difficult for you to verify that the other party is keeping its side of the agreement if you don’t have a copy of the agreement.

Contract Review | Melbourne, Florida Brevard County

What To Look For: Items That May Be Outlined In Your Agreement

There are many different types of contracts, but below are a few suggestions for items that should be outlined in your agreement:

  • The full purchase or sales price
  • Any finance charges should be set forth in dollars and cents
  • Any services to be provided
  • Deadlines for payments to be made
  • Detailed explanation of each party’s duties and obligations under the contract
  • No blanks should appear in the contract
  • Read the fine print – it is important too

Contact Faro & Crowder, PA

Entering into a binding contract is an important decision. Take the time to closely read the terms of the agreement. If you do not understand it or you have questions regarding how it will impact you, contact us to schedule a consultation.

Faro & Crowder, PA is located on Sarno Road in Melbourne, Florida.  We offer free initial consultations for Bankruptcy and Foreclosure Defense.

Contracts Every Business Needs

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If you own a business, it is imperative that you take precautionary measures to protect it legally. In other words, you need a great business attorney and contracts that protect your best interests. There is no easy answer for what legal agreements are the most effective, because every case is different. However, there are three main types of contracts that most businesses can benefit from having in place.

Owner Agreements

If you own the business with another party or parties, it is important to have a written contract between all of the co-owners. This is true whether you are a LLC, partnership or corporation. Common examples of this type of agreement are operating agreements, shareholders’ agreements, founders’ agreements and partnership agreements.

The purpose of ownership agreements is to solidify the deal made between the co-founders. They should cover topics such as ownership percentages, salaries, capital contributions and what happens to the business if the co-owners part ways.

Worker Agreements

Most businesses only use agreements for their employees, not for their independent contractors. However, an independent contractor may have access to your network, databases, website or financial information. Thus, having a formal agreement is essential to protect you by outlining the job to be performed, a confidentiality agreement to prevent disclosure of your proprietary information and non-solicitation provisions. You should also confirm with legal counsel that you are not treating your independent contractors like employees, because there can be stiff penalties for improper classification.

Vendor/Supplier Agreements

Depending on your industry, you may depend upon vendors and suppliers to meet your customer’s needs. Thus, it is important to have a carefully drafted agreement that helps ensure that your (and your customer’s) needs will be met and that protects if you they are not. You may also need a contract with your customers outlining the business relationship and providing legal protections.

There are other types of contracts that may be necessary to help ensure the success of your business, but the above contracts provide a good place to start. If you have questions regarding the agreements discussed above or you would like to learn more about the legal services we provide, call us to schedule a free consultation.


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