From the time we wake up in the morning until the time we go to bed at night, we exist in a world of contracts. We can turn on the lights and catch up with the morning news on television thanks to our contracts with the electric utility and cable company. We live in our homes, probably with a lease or mortgage contract tucked away in a drawer or safe deposit box. We drive a car to work that was leased or purchased with a written contract. And our employers have even more contracts.Read More
Movies and novels are full of expensively dressed, sharp-witted lawyers who play “hardball” in their contract negotiations and eventually make the other attorney blink. While that’s great for Hollywood, the truth is you don’t have to exhibit the attributes of a movie star to negotiate a good contract. In fact, hard-working professionals work together productively every day to complete agreements that address the needs of both parties.
Contracts serve many purposes for the business organization. Companies memorialize agreements with employees, vendors, customers, and numerous other third-party stakeholders. Importantly, while the company certainly receives benefits from these contracts, the organization also takes on many obligations. These obligations may include the payment of money, the provision of services, and the acceptance (or transfer) of legal liability, just to name a few.Read More