Commercial contracts are the protective suit of armour of a business, the backbones of its administration, the thinking process and strategy behind the plan. Without commercial contracts solicitors, your dealings with customers, clients, service providers and partners are mere interactions based on trust. Business is a lot more complex than mere interactions based on trust and certainly less profitable if it if you don’t push the boundaries and entrepreneurship to a higher professional standard. Commercial contract help you to push boundaries to a much higher level. As an example, if you are a business consultant who charges £20 an hour, a commercial contracts solicitor would probably see your potential and suggest stipulating a much higher fee in your commercial contract with clients – £50 + VAT? Just a suggestion.
Commercial contracts aren’t just there to protect your business. They help you think strategically, incentivize you to raise the bar of your entrepreneurial flair and tease you to be more innovative. If you’re an entrepreneur, unlike an artist, you need the positive influence of others, particularly those who’ve been longer in the game and are more skilled in areas you will roam from time to time such as the legal field. If you’re running a business, you will ask yourself time and time again what the legislation says about things you do and things you want to do in business. Once a commercial solicitor tells you that the laws says it’s OK, that alone will open the doors and windows of your imagination. You can dream high, but structure your dream and protect it with commercial contracts.
A commercial contract is legally binding, unless you state in the wording that it isn’t and it’s an agreement between two businesses or between a business and a client/customer or a business and a service provider. A commercial contracts solicitor will draft a contract with a legislative framework that protects you and helps you to understand what your rights and obligations are. If the suit of armour protects you, the sword strikes the opponent but only when necessary. Breaching a contract is a serious offence punishable by law but if you don’t formalize your business relationship with a client or partner, the law can’t protect you and you will find yourself in a continuously vulnerable state. Commercial contracts are about risk management and about business strategy, as well as being a source of motivation that allows your ambitions to expand and flourish.
Think of the business world as a battle field – without a suit of armour and a sword, you don’t stand a chance. You need a commercial contract when you decide to formalize your business relationship with another business, a supplier, or offer your services to another business or consumer. If then a dispute arises, the courts can settle the dispute in view of what’s written in the contract against the intentions of the action and what the legislation says. Some businesses, particularly freelancers will have one contract and use it as a template, changing some of the wording and clauses to fit their services and agreement terms with each client. But businesses in general will have a variety of commercial contracts for each area of the business. For instance, a restaurant will have a series of contracts for some areas such as soft drinks suppliers, alcoholic beverages supplier, entertainment, food suppliers, the chef, furniture supplier, maintenance, property lease, etc. Every contract will protect the legal interests of each area of the business and a commercial contracts solicitor will ensure that the contracts serve the interests of the business.
A commercial contracts solicitor will help you outline major aspects to consider when drafting your business contracts. You will be advised by commercially minded legal professionals with expertise on a wide range of issues that cover your commercial objectives. Once you find a team of commercial law solicitors you make an enquiry and which will automatically entitle you to the benefit of an initial free consultation with a commercial contracts solicitor. When your solicitor follows up on your initial free consultation, you can then decide if you want to agree to the initial retainer fee, which allows your commercial contracts solicitor to prepare for your client/solicitor relationship and have a face to face meeting to enable the solicitor better understand your business requirements and advise you accordingly. Things are a lot simpler than you think when you formalize your business dealings with commercial contracts, but the battle can get a lot more complicated if you deal with your partners, suppliers and consumers with nothing but trust and a handshake. By Sandra Garcao
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