ARTICLES

Writing Contracts

Contracts are a crucially important part of many businesses, yet fraught with pitfalls.  Enormous amounts of time and money can be saved by preparing and executing thorough and accurate contracts.  Below are a few ideas on how to ensure your contracts are effective and enforceable.

Know what you want. It is very important to know exactly what you want to accomplish before creating a contract.  It can often be helpful to break up the goals into two categories: needs and wants.  Ideally, you will be able to have both, but if you have to make concessions, it is important to do so on items that you want, not that you need.

Be very clear. There is nothing more important when writing a contract than being accurate and explicit.  Errors in the contract, no matter how small, can potentially cause the contract to be voided or can cause huge problems that can be very costly to fix. Consulting with an experienced business law attorney is imperative before finalizing an important contract.

Plan for problems. Outline exactly what will happen if there is a breach of contract.  It is a necessary part of any agreement, as there is always a possibility that it will be broken.  Detailing the methods and venues for the resolution of conflicts or disputes is an essential part of any good contract.

Perhaps no other term to contracts has more ability to sway the economic value of a contract than indemnification.  Read more on indemnification here.

Contact Us

If you need help writing contracts for your business, or would like help reviewing a contract, contact the Minneapolis business lawyers at Skjold ▪ Barthel, P.A. by calling 612-746-2560.