10 Key Contract Clauses You Should Know
Contracts can be boring. I rarely walk into a cocktail party and hear folks wanting to talk about contracts. Actually, I do. As a lawyer folks actually do want to talk about this subject that most of society finds boring.
Love them or hate them contracts are key parts of our business loves. In today’s article we’re going to explore 10 key contract clauses to know. Knowing these 10 Clauses will allow you to better focus on the future of your business and it’s success. With this guide you negotiate better contracts that are more meaningful that will help to get you to your business goals.
- Parties
While it seems pretty basic one of the key terms in all of your contract is who are the parties.
Who is legally bound to the agreement?
This becomes particularly important with respect to personal liability. Is an LLC or a corporation bound to the contract or is the individual bound to the contract? This could make a big difference in the event of a litigation. You can generally only sue the party that signed the contract — so that makes a big difference.
Connected to this is looking at the asset base of the persons persons bound by the agreement. Does the LLC you’re signing the agreement with actually have assets? Will they be able to pay you damages for…
