According to a study by CottrillResearch, contracts govern about 60% to 80% of business operations. A contract – a legally binding agreement between parties in a business – must be properly drafted to acknowledge the duties, rights, and responsibilities of each party. Through contract drafting, parties are able to write down and discuss the terms of the agreement before it becomes binding. Before the contract is finalized, it may go through several negotiation sessions.
If you are a business owner trying to establish or negotiate a contract with a vendor or another business, consulting with a knowledgeable New Jersey business law and litigation attorney is crucial for detailed guidance. COFFYLAW, LLC is committed to offering outstanding legal services and comprehensive guidance to clients in the legal matters of contract drafting and contract negotiations. Attorney Emmanuel Coffy and his legal staff are available to discuss your unique circumstances, guide you through every step involved in drafting, negotiating, or reviewing a business agreement, and ensure that the contract is valid and legally binding.
COFFYLAW, LLC proudly serves clients in New Jersey, New York, and other areas across the nation.
A contract can be described as an agreement between parties or legal entities that acknowledge the duties and rights of each party. In a business contract, a company may enter into an agreement with a vendor or another business to provide goods or services in exchange for monetary payments or other goods or services. Contract drafting and negotiations are important steps when creating a business contract.
Contract drafting involves putting the terms and conditions of an agreement into writing. The purpose of contract drafting is to establish a legally binding document that is brief, clear, and states the intentions of each party. Through contract drafting, the parties can discuss the terms and conditions of the agreement before it becomes legally binding. Contract drafting can help achieve the following:
Contract negotiation is a process of concession or compromise that the parties go through to reach a feasible agreement. During contract negotiations, the parties seek to reach favorable terms and mitigate legal, financial, and operational risks. Negotiating the right agreement can help build better relationships, avoid potential conflicts, and set both businesses up for long-term success. Most importantly, you must ensure that any agreement drafted or negotiated is legal and enforceable.
Establishing a business contract that is legally binding and enforceable is important to protect the interests of the parties involved, prevent erroneous interpretation, and mitigate disputes. For an agreement to be legally binding, it must meet certain requirements imposed by the Uniform Commercial Code (UCC). The elements that make a contract enforceable include:
Offer: An offer is a written or verbal promise to provide a product or service in exchange for money or another product or service. For a contract to be enforceable, one party must make an offer to the other party.
Acceptance: Acceptance is verbal, written, or conduct agreement to the specific terms and conditions of an offer. For a contract to be enforceable, the other party must accept the offer. Offer and acceptance form “mutual assent” together.
Consideration: Consideration is the value that each party contributes to the contract. A consideration might be in the form of monetary payments or a promise to perform a certain act or task.
Legal Purpose: Under UCC law, a contract must be for a legal purpose.
Competency and Capacity: The parties to the contract must be legally competent, of sound mind, and have the capacity to enter into an agreement.
An experienced New Jersey contract attorney can review the contractual terms to help make sure they are legal, valid, and enforceable.
A contact review can be described as the process of comprehensively reading, analyzing, and understanding a written agreement. It involves reviewing the content, terms, and conditions of the contract line-by-line. A contract review is best done by an attorney, and here’s why.
An attorney can:
An experienced attorney can help review the terms and conditions of the contract thoroughly to ensure that all terms are fair, straightforward, and legally binding.
Having a properly drafted business agreement is crucial to clarify business relationships, expected duties, and rights of the parties involved. Moreover, having the agreed-upon terms properly documented in writing can help you avoid potential disputes, give you security, and help you achieve peace of mind. Therefore, when drafting an agreement, consulting with an experienced contract attorney is important for detailed guidance and to help protect your best interests.
Attorney Emmanuel Coffy has devoted his career to guiding and assisting individuals and business owners through the complexities of contract drafting and contract negotiating. As your legal counsel, he can evaluate your unique situation and explore your available legal options. Whether you are drafting, establishing, or negotiating a business contract, Attorney Emmanuel Coffy and his legal staff can guide you through the processes involved, review the final terms of the agreement, and help ensure that it is valid, legally binding, and enforceable.
If you need to establish or negotiate a business contract, contact COFFYLAW, LLC today to schedule a simple consultation. Attorney Emmanuel Coffy can offer you the experienced legal counsel and brilliant advocacy you need to navigate important decisions. With offices in New Jersey and New York, Coffy Law, LLC represents clients across the nation.
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