Memphis Commercial Contract Drafting Abogado
Contracts are the lifeblood of commerce. Whether you are an individual or a business, contracts play an important role in making sure obligations and responsibilities are honored and your legal interests are protected. Whether you are wanting to purchase a single item or are needing to memorialize obligations that will take several years to perform, a contract can provide you and your business’s stakeholders with the assurance that obligations will be performed.
A contract is only helpful, however, if it is well-drafted. A contract that is vague or that does not accurately record the rights and obligations of each party is of little use to either party. When you need a contract for your business’s operations, consult with a knowledgeable and experienced Tennessee commercial contracting attorney.
What Makes a Contract Well-Drafted?
Not all contracts are drafted equally well. The best contracts leave little room for interpretation as to the rights and obligations of the parties to the contract. When a dispute arises, the parties are able to look at the language of the contract and resolve their disagreement without resorting to expensive and time-consuming litigation.
The hallmarks of a well-drafting contract include:
The contract accurately describes the parties to the contract.
The terms of the contract leave no doubt as to who has rights and obligations under the contract. If either party is permitted to assign their rights or duties to third parties, this too should be clearly indicated by the language of the contract.
The contract accurately describes the obligations of the parties.
The contract should specify with as much detail as possible the obligations the parties are undertaking. This includes describing the actions to be performed or the activities the parties will refrain from doing, the time period of the contract, any compensation to be given by one party to another, when the compensation will be given, and the place of any performance of duties. Specificity in these matters is generally to be preferred; however, if the performing party is to be permitted some leeway in the manner or time in which it may perform its obligations, the contract’s language should be drafted accordingly.
The contract should specify which state’s law will apply if disputes arise.
The parties are free to specify a state whose laws will apply in the event a court needs to interpret provisions of the contract or rule on the rights and obligations of the parties. In a similar vein, the contract can specify if a court proceeding can be brought in one state or another.
The contract should spell out the legal rights of the parties if either party breaches their obligations.
The contract should spell out the legal rights of the parties if either party breaches their obligations. Providing some certainty regarding the procedure to be followed in the event of a breach of contract can help all parties to the contract plan head accordingly. The contract should specify if an aggrieved party must try an alternative dispute resolution process like arbitration before filing a lawsuit. The contract can also specify the type of damages (liquidated, compensatory, and/or another type of damages) available to an aggrieved party.
Seek Help from a Talented Memphis Commercial Contracting Abogado
When you need a contract created for your business operations, you do not want to spend time waiting for an attorney who has little experience in the area to fumble through creating a contract that may or may not meet your needs. The Memphis commercial contracting attorneys at Douglass & Runger, Licenciados en Leyes, have drafted well-written and easily-understandable contracts for a variety of business clients. Seek out their assistance with your contract project by contacting them at (901) 388-5805.