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Business Contracts And What Can Go Wrong
Entering into a business contract is not as complicated as it seems if you have the right information and the right advice.
A business contract is an agreement between two or more parties with the sole purpose of conducting business and can be oral or written. However, written is the preferred method since it outlines what the parties have agreed upon and the terms that will govern them.
If you have an intention of getting into a business, you should ensure that there is a contract in place to ensure that you outline exactly what your terms of agreement are with the other party or parties.
Most of the time, when parties are getting into a contract there is usually a lot of hope and positivity that things will go as per plan. However, disputes can arise hence the need to nullify the contract or terminate it. This is a major problem especially if one party is not committed to the terms of the contract or is not doing enough as per the terms. In most occurrences, breaching the terms of the contract by one party in contract is not rare hence what happens next matters a lot. It is important to ensure that you have a system in place that indicates how disputes are handled and what happens next.
In order for a contract to be valid it must be signed by all parties when they are in a state of good health. When signing any contract, it is important to check and make sure that the other parties that are signing the contract are of good health. If by any chance they seem or are not in good health do not bother to sign the contract. You should not also sign a contract if someone is forcing you to sign it or if you are under the influence. Signing such a contract is not lawful and can be cancelled.
Another major issue that you should check when getting into a contract is misleading or deceptive conduct, mistakes or undue influence. Once you have all agreed to the terms of the contract, you should take some time to go through the contract to actually verify that it is exactly as you agreed before you sign. By so doing, you will be able to identify any mistakes and omissions that can lead to the contract been declared void. If you are not certain about what you should be checking for, then you should definitely consult a lawyer who has a broad understanding of commercial practices BEFORE signing . Accredited Business Law Specialist Joe Gilles is able to assist you with this in a timely manner.
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Giles Payne & Co.
506 Bunnerong Road
Matraville NSW 2036
02 9661 6044