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Do your contracts contain pertinent protections?

Businesses revolve around agreements of all shapes and sizes. Your contracts may become a source of stress if they do not contain crucial sections to protect your interests.

Ensuring that you build a contract with protections in mind may help you stay off the hook should a break of terms occur. Learn some of the common elements you should include to shield you from litigation.

What details should you include?

Making sure every detail of an agreement is in writing is the first step in protecting yourself from contract disputes. Part of this is providing the correct entities, transaction price and contract dates. Have a proofreader go over the details to identify and correct any misspellings or scrivener’s errors. These small details may turn into a way for a breaching party to try and challenge a contract.

What are common remedies?

A remedy is a way to fix problems as they arise. Remedies often involve financial compensation from the party that breaks a portion of the agreement. Other remedies may include expanding the timeline for delivering goods and services or terminating a portion of the contract. The remedy section may also detail the type of dispute resolution the parties may take, such as mediation.

What happens during a cure period?

Standard contract language should include a timeframe within which a breaching party may resolve the issue. This cure period gives parties a cooling-off period before they proceed into dispute and full breach mode. Having this time in days or even weeks may help keep your contract effective, even if it hits a hiccup or two along the way.

The details of a contract are crucial to ensure that everyone involved fulfills their obligations accordingly.

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