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Strong contracts are good for your Florida business

If you own a small business in Florida, you know how important it is to address certain legal issues before they become a problem. There is much more involved with running a small business than finding a storefront and simply opening up shop. One of the most important factors for your consideration is drafting and securing strong contracts.

Business contracts are the lifeblood of many business relationships and contacts. These legally binding agreements are important for all parties to know their rights and their obligations, and when worded well, a contract can shield you from financial harm. It is beneficial for you to know how to draft strong contracts, thereby avoiding unnecessary legal and financial complications.

What makes a strong contract?

A strong contract is a legally binding agreement between two or more parties that need to do business with each other. The contract will outline what each party is to do, costs and other details, but there is much more than just outlining your plans and intentions. Strong contracts all have the same basic considerations, which include the following:

  • Legal business activities and transactions
  • An offer from one party to another
  • Acceptance of that offer by the other party
  • The item of value for exchange, such as goods or services for money 

Many small businesses function on a less-than-formal basis. You may be a small business owner used to dealing with suppliers and even customers by simply making a verbal agreement and shaking hands. While verbal agreements may work for your company, in the event of a problem, they are not legally enforceable.

As you draft a contract, it is prudent to be as detailed as possible. Leaving out important factors can actually lead to additional problems and even litigation. A good contract can shield you in the event there is a dispute over the terms, money or other factors of the contractual agreement.

Protecting the future of your business

Contracts are an important facet of owning and operating a successful small business. If you do not yet understand contracts or you need to draft a contract for an important transaction, you may benefit from seeking help as you do so.

As a small business owner, you know there is a great financial risk to owning and running a business. You may not think it is worth paying to have guidance as you seek to draft a contract. However, experienced guidance can help you ensure your contracts are strong, enforceable and beneficial for your business interests.

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