The more smoothly a business runs, the less time an owner and operator will have to spend on nonessential business matters. For example, having contracts in place when creating a business relationship or moving forward with a transaction could keep everyone involved on the same page and, hopefully, prevent disputes. Of course, contract disputes could occur if the document is not drawn up as well as possible.
Unfortunately, inexperience or a general lack of knowledge regarding business contracts could easily result in a new business owner facing issues with an agreement. Often, there are multiple ways to interpret certain language, and it is important that possible loopholes are considered. If a business owner agrees to a less-than-solid contract, conflict could result.
Some issues that could increase the chances of a dispute include the following:
- Not getting a contractual agreement in writing
- Not identifying all the parties involved
- Negotiating with someone who then has to run the terms by his or her boss before getting approval
- Overcomplicating the contract and inadvertently creating room for loopholes or misinterpretation
- Not including enough details about what is expected of all parties involved
- Not including an agreed-upon manner on how to handle disputes
Unfortunately, these are just a few examples of contract issues that could derail an agreement. Another problem that Georgia business owners could face is not having the help of an experienced business law attorney when creating business contracts. Additionally, if an oversight in an agreement, breach of contract or other issue does lead to a dispute, having the help of legal professionals could prove invaluable in protecting business interests.