Contract Essentials for Small Businesses
Small business owners, particularly those that sell goods or professional services, need to be savvy with respect to drafting contracts. After all, it is the document you use to ensure that you will be fairly compensated. Although there are no bright-line rules related to drafting a contract, here are a few common strategies that will help you to codify the type of language that will protect your interests:
(1) Write it down, i.e. avoid oral contracts if possible;
(2) Make it simple. Define exactly what you will perform and what you expect in return;
(3) Define payment terms;
(4) Have someone witness the execution of the contract or get it notarized.
Under Georgia law, there are specific circumstances where oral contracts are not enforceable. Moreover, depending upon the wording of a written contract, the document my not accurately describe the obligations of each party. If you have questions or concerns about your contracts, get professional help from a lawyer. An ounce of prevention is worth a pound of cure.
If you require assistance drafting or reviewing corporate contracts in Georgia, contact Rouse & Co., LLC for a consultation. We have the expertise / information you need to obtain a competitive edge in your industry.