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Business Contract Lawyers NSW
Do you need a business contract prepared or legal advice on an existing business contract?
Our Business & Commercial lawyers provide professional and practical advice on a broad range of contractual issues related to business. This includes the drafting and negotiation of all types of business contracts and commercial agreements.
What is a business contract and are they legally binding?
Business contracts (often referred to as commercial contracts) are legally binding agreements between two or more parties which state the rights and obligations of those parties concerning a particular transaction, arrangement or other business dealing.
Business contracts may apply to one-off transactions or to an ongoing arrangement that lasts for many years.
See Also: Business Contracts: The Devil is in the Details
What are the different types of business contracts?
There are many different types of business and commercial contracts. Some of which are listed below:
- Buy and Sell Agreements
- Commercial Leases (Including Retail Leases)
- Shareholders Agreements
- Franchise Agreements
- Distribution Agreements
- Joint Venture Agreements
- Supply Agreements
- Terms of Trade Agreements
- Partnership Agreements
- Employment Contracts
- Licensing Agreements
- Service Contracts
- Loan Agreements
- Plant and Equipment Leases
- Confidentiality Agreements
- Management Agreements
What is the general process for preparing a business contract?
- Information Exchange – Two or more parties exchange the necessary information, usually on a confidential basis.
- Discussion and Negotiation – The information that has been exchanged is further discussed between the parties (usually without lawyers) in order to provide clarity about the rights and obligations of each party and the key terms of the transaction or arrangement.
- Contract Preparation – The parties involved will instruct their lawyers to document the key aspects of the agreement. The lawyers will together work towards preparing a written commercial agreement that reflects their respective clients’ instructions. There will inevitably be matters that arise that require further negotiation. Once both parties and their lawyers are satisfied, the business contract will be signed.
Should a business contract be verbal or written?
Business contracts can, technically, be verbal or written and they are both maybe enforceable, depending on how they are structured.
However…
the reason it is best to enter into written commercial agreements and business contracts is that it is much easier to prove the existence of a written contract (and its terms) than a verbal contract.
In addition, a written business contract will assist in mitigating or avoiding disputes down the track.
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