Commercial Agreements & Contracts

Commercial contracts are critical to the success of almost any business. It�s always advisable to seek legal advice before entering into any formal agreement with another company or individual to ensure that any contract protects your interests and allows you to achieve your business objectives.

When you�re doing business with a new supplier or contractor, it�s not always easy to draw up a contract that is mutually agreeable. Before you make any changes to what you had in mind, it�s definitely worthwhile to find out where it leaves you from a legal point of view.

Commercial contract factors to consider

If you�re entering into a commercial contract with another party then it pays to take a comprehensive approach to ensure all eventualities are covered. It�s all too easy to overlook something in the process of drawing up a contract only for it to come back and cause you problems in the future.

Here are just a few examples of areas you should get legal advice on;

Commercial contract areas

Intellectual property rights
Limiting your liability
Consequential loss
Contract termination clauses
Who owns goods that haven�t been paid for

Types of commercial contract

The broad term �commercial contracts� encompasses many different types of business agreement and seeking professional legal advice at the outset makes good commercial sense as it can save you a lot of time and money further down the line.

The following are some examples of commercial contracts;

Non-disclosure agreements
Confidentiality agreements
Intellectual property contracts
Consultancy contracts
Supply of goods contracts

Each of these areas can be a legal minefield and include many different aspects of commercial law. Failing to protect yourself or your company by not having a secure commercial contract in place can lead to a number of undesirable consequences such as;

The dangers of not having a commercial contract in place