Whenever businesses need to create a commercial contract, it always helps to have a lawyer. Commercial contracts protect businesses in several different aspects. If there’s one problem, it can significantly impact a business’s structure. Our New York City business attorneys aim to help businesses get through difficult aspects so that they can safeguard their company and avoid potential problems that may arise.
Call Bashian & Papantoniou P.C. today at (516) 447-3148.
What Are Commercial Contracts?
Commercial contracts are agreements between two or more parties to do or not do something. The agreement can be for goods, services, money, or property. It can be written, oral, or implied by law or conduct. Typically, each party agrees to give something of value to the other party in exchange for what they are getting.
Each party also agrees that the contract is legally binding and that they will exchange what they have agreed to. In some cases, a third party may be involved in enforcing the contract if one of the parties does not fulfill their obligations. Whether you are a business owner or an employee, it is important to understand the basics of commercial contracts so that you can enter into agreements with confidence.
Commercial contracts may be written or verbal, formal or informal, and may relate to any various types of business-related activity such as employment, processes, and safety. Written commercial contracts are typically preferred as it is difficult to enforce a verbal one when one is involved in a dispute. Commercial contracts are generally used to establish terms involving business activities. Common components of commercial contracts include an offer, consideration or form of payment, and acceptance. Our New York City commercial contract lawyer can help assist you through these contracts.
Common examples of commercial contracts include, but is not limited to what is listed below:
- General business contracts:
- Joint Venture Agreement
- Settlement Agreement
- Use of Intellectual Property
- Sales-related contracts:
- Sales of goods and services or parts
- Purchase Order
- Employment-related contracts:
- Employment Agreement
- Confidentiality Agreement
- Termination Agreement
- Lease contracts:
- Real Property Lease
- Purchase of Real Property
- Lease of Equipment
Need to draft a contract for your business? Do not go at it alone -- protect yourself, your business, your partners, and your employees by working with a commercial contract attorney in NYC from Bashian and Papantoniou. Our team is backed by years of experience and is prepared to guide you in creating the best commercial contract. Do not hesitate to reach out to our New York City commercial contract attorney.
The content of the contract will vary depending on the nature of the business relationship, but there are certain elements that should be included in all contracts.
- First, the contract should clearly state the purpose of the agreement. This will help to prevent any misunderstanding about the terms of the contract.
- Second, the contract should identify the parties involved in the agreement. This will ensure that each party knows their rights and responsibilities under the contract.
- Finally, the contract should detail the terms of the agreement, including any deadlines or performance standards.
Once these elements have been included, the contract should be reviewed by a lawyer to ensure that it is legally binding.
Our team at Bashian & Papantoniou, P.C. is here for you. Our New York City business lawyers will work with you to create a commercial contract designed to safeguard your business every step of the way. Trust that we’re here to help you with meticulous planning and a commitment to your needs.
Contact our firm by filling out our online form or calling us at (516) 447-3148 today.
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