A Written Contract is a Quality Investment for a Small Business

The number one mistake that small business owners consistently make is failing to have written contracts with respect to the services that they provide their customers or vendors.  Although the majority of businesses will honor a verbal contract and a written contract with these integrity laden businesses is more of a formality rather than a necessity, there are a few businesses that will utilize your failure to have a written contract as an opportunity to take advantage of your business.

A small business generally cannot afford to absorb the costs of even one failed contract and one or two delinquent accounts can be the difference between the business keeping it doors open or needing to close its operations.

Nevertheless, honorable businesses can sometimes misinterpret what was agreed upon verbally.  Therefore, the written contract is effective with both the business that is trying to escape its obligations and the good faith business because it puts in writing exactly what is expected from each party with respect to their contract obligations.

This failure to have a well drafted contract with an attorney fee provision can cost the small business thousands of dollars with respect to attorney fees and time.  In addition, the presence of an attorney fee provision serves as a powerful incentive for the other party to perform its obligations under the contract.

Wilton A. Person’s broad professional experience makes him the ideal attorney for the entrepreneurial minded individual or business. Whether your needs require Mr. Person’s detail oriented transactional expertise (or his talents involving business litigation, Mr. Person will zealously represent your interests

www.personlaw.com

Post a Comment

Your email is never shared. Required fields are marked *

*
*