Business contracts come in many different forms and can range from large documents to verbal agreements sealed with a handshake. You most certainly come across a number of contracts in your personal and professional dealings each day, though you may not always recognize their implicit value. Here are 5 common contracts you will come across in a business setting.
As a business owner, the likelihood is high that you deal with a number of different types of contracts on a regular basis. If you are in a business partnership or the co-owner of a company, there is one type of contract in particular that should be of interest to you: a Buy-Sell Agreement.
If you are a business owner, you should have heard of a Buy-Sell Agreement by now, because having one in place can protect your business in a number of different circumstances. To learn more about the 3 W’s of Buy-Sell Agreements (What/Why/When), read Part 1 of our Quick Guide series on Buy-Sell Agreements on our blog and learn more about the essentials of these types of agreements in Part 2 below.
As a business owner, you want to ensure you have all your bases covered to allow your business to thrive and survive. Have you ever considered the repercussions of a partnership dissolution, co-owner dispute, or unexpected death on the future of your business?
Why A Business Contract Really Matters
We all come across a number of contracts in our day to day lives, both personal and professional, often without even realizing it. Shopping at your local grocery store and swiping your Visa at checkout means you are entering into a contract for a sale of goods. Chances are that you’ll never give this type of contract a second thought. In business, however, contracts – and their importance to the success of a particular deal, and the company overall – require much more consideration.