Commercial businesses handle a wide range of transactions. Frequently, these transactions are accompanied by legal language, and it's wise to have a commercial lawyer involved with drafting or reviewing the wording. Anyone who runs a business should consider obtaining counsel in these five instances.
B2B Contracts
Much of the pressure in commercial law comes from interactions between two companies. If you're engaged in a business-to-business (B2B) relationship, it's prudent to have all of your transactions covered by contracts. Not only does this provide protection against misinterpretations, but it offers you long-term security.
For example, a business might enter into a supply agreement. It needs those goods to arrive on schedule, and disruptions have to be treated seriously. That includes terms of indemnification if the supplier fails to deliver, allowing the recipient to obtain compensation for potential supply disruptions. On the supplier's side of the equation, they gain security from a standing agreement that ensures they'll be paid regularly for shipments.
Non-Disclosure Agreements
Businesses have many reasons to keep information private. If a company enters into a deal with an individual or enterprise, they may want non-disclosure terms in the documents. An appropriate non-disclosure agreement should outline what the parties are saying won't be disclosed. Likewise, there should be penalties that give the agreement weight. Also, the agreement should have some sort of sunset clause to prevent creating a potentially indefensible perpetuity.
Exiting Deals Early
If you plan to exit a deal before it is up, you'll want the support of a commercial lawyer. This applies even if both parties to the deal are consenting to its early termination. It's best to have counsel review everything to ensure there aren't any hidden problems. You may also need to draft new paperwork to conclude the agreement and wrap things up.
Enforcement Actions
Lots of businesses have to enforce the agreements they enter into. If you have a customer agreement that includes a non-compete clause, for example, enforcement is the solution if the customer starts acting competitively.
You'll need to make a good-faith effort to resolve problems without litigation. This means sending formal notice of the violation to the other party. You should only sue once you've proven exhaustion of other potential remedies.
Advertising
Nearly all advertisements make legally enforceable promises. Before you put any ad copy into public view, ask a commercial lawyer to review it. They can help you modify statements to avoid making excessive promises.
Contact a commercial lawyer for more information.
