fbpx

Tips before signing a business contract

A business contract is a legally binding agreement between two or more persons or entities. It is recommended that you bear in mind some tips below before the official signing.

  • Read every word, including the fine print
  • Ensure that it reflects the terms and conditions that were negotiated
  • Seek legal advice
  • Allow plenty of time to consider and understand the contract
  • Don’t be pressured into signing anything if you are unsure
  • Never leave blank spaces on a signed contract – cross them out if you have nothing to add so they cannot be altered later
  • Make sure that you and the other party initial any changes to the contract
  • Obtain a copy of the signed contract for your records.

Once you’ve signed a contract you may not be able to get out of it without compensating the other party for their genuine loss and expenses. Compensation to the other party could include additional court costs if the other party takes their claim against you to court. Some contracts  may allow you to terminate early, with or without having to pay compensation to the other party. You should seek legal advice if you want to include an opting-out clause.

TIP: If it is not possible to have a written contract make sure you have other documentation such as emails, quotes, or notes about your discussions to help you identify what was agreed.

Sign business contract
Share on facebook
Facebook
Share on linkedin
Linkedin

Related Articles

Bankruptcy. Commercial Law

What can I keep and lose if I’m bankrupt?

When you are declared of bankruptcy, you have to accept that you will lose your assets to pay for debts. However, to enable your ability to go forward with your life, there remains some items you can keep to afford basic living demands.

What is a trustee?

Who can be a Trustee?

A trustee is someone appointed to take charge of your property, cooperate with you to work with creditors on your behalf and handle your bankruptcy.

Create business, Business help

Get legal help on creating a business

Although you might sail through the process yourselves with various online guidance, it is recommended to find a companion with business law firms who can deliver a customised shortcut to your success via valuable consultations from their commercial law expert system.

Follow us

Let Our Experience Be Your Guide 

Get Your First Consultation Now

Legal Insight

What is Bankruptcy?
How many type of bankruptcy?

Bankruptcy is a term often related the state of being seriously in debt with no realistic opportunities to settle them down.

When does the bankruptcy end?
When does the bankruptcy end?

The normal period of bankruptcy is 3 years from the date that your bankruptcy application is accepted, however you can be kept bankrupt for up to 5 or 8 years.

Advoiding common real estate traps
Avoiding common real estate traps

Purchasing a property is an important financial and legal commitment. Don’t do it yourself. Get a professional who knows the process inside and out.

Subscribe to our newsletter

Save time

Book Appointment

Whether you want to book an appointment or get enquire, just go from here.

iLawyer

Go online and self-book to join your appointment by remote video or phone call.

We can help

Scroll to Top

Request a call back now