It is important to keep all your business relationships clear and neat, from investors to employees, whether you’re just starting out with a new business or if you’ve been doing it for a while. Phil Knight, co-founder of Nike, said, “Play by the rules, but be ferocious.” You can have all your ducks in a row and still advocate to your own advantage. These are just a few examples of contracts that can save you a headache later if drafted in your favor.
-
Loan or Investment Agreements – Are you starting a new business? Do you need funding? You don’t have to wait for the investor to send you their agreement drafted in their favor. You can send them an agreement tailored to how you want the loan structured.
-
Purchase Sale Agreements – Are you purchasing an established business, a building for your business, or land for your business? Come to the table with your own agreement. That way you know that any contingencies you require, such as the ability to get financing, a change in zoning, or a certain franchise agreement, will be included in that agreement.
-
Reseller Agreements – Do you want to resell another business’ product in your store, from physical products to software? Make sure clauses such as delivery, payment terms, third party licenses, and updates are ironed out.
-
Master Services Agreements – Need a general agreement to bind your customers to payment and liability terms to protect you and your business, but don’t have the details of the service you’re providing worked out yet? A Master Services Agreement can outline the structure of your relationship with your customer and contain all the general terms, and the details of each project can then be added later through a Statement of Work.
-
Non-Solicitation and Non-Compete Agreements – If your business requires a lot of training of your employees or relies on relationships with customers, it can be a good idea to have any new hires to sign appropriate and reasonable non-solicitation or non-compete agreements.
Even if you don’t have the opportunity to be the drafter of an agreement, it’s also a good idea to have an attorney review any important agreement before you sign so you have a better idea of what you’re getting into.
TriAmicus Law, PLLC
(865) 217-1154
www.TriAmicusLaw.com