One of the most complex areas of law for small business is the law of contracts. The law of contracts deals with the relationships between parties in the sale and purchase of goods and services. The most common types of these relationships are between suppliers and customers of the small business. However, virtually everyone with whom a small business engages in commerce will form such a contractual relationship.
This area of law is never more in the minds of small business owners when the relationship sours and a dispute arises. This can be very costly in both time and money.
It is very important for small business to understand the legal implications of each of these relationships and protect themselves with written contracts. Properly drafted, a written contract can many times avoid a dispute by clearly detailing the rights and obligations of the parties. In the event that a dispute can not be avoided, a contract should provide for a cost effective means of dispute resolution (such as mediation or arbitration).
These contracts should also be reviewed periodically to ensure that they accurately reflect the nature of the relationship and the obligations of the parties.
DC Adolphe Legal can review and advise you on your existing contracts or draft contracts where needed. A review system can also be established by the firm to ensure that the contracts do not lapse or become dated and jeopardise the rights of your business.
The comments above are a general discussion of contracts and should not be taken as legal advice. Before you make any decisions you should consult a qualified solicitor to protect your interests.