Getting company contracts in order
Good agreements will prevent misunderstandings and safeguard the rights of both parties. Make sure that the most important matters have been agreed upon in writing.
Business involves several contracts, which should always be made in writing. Well-drafted agreements clarify responsibilities, prevent misunderstandings and support the continuity of business. At the establishment stage, it is a good idea to already consider what kind of agreements will be needed, for example, regarding premises, customers, subcontractors or partners.
A facility contract is often the first significant commitment. The terms of lease, notice periods, responsibilities and any alteration work should be carefully checked before signing. A precise agreement will also help prepare for the growth or change of business – for example, whether the space can be expanded or transferred to another entrepreneur.
It is a good idea to record the terms of delivery and payment, schedules, division of responsibilities and possible penalties for delays or breaches of contract in customer and subcontracting agreements. If the business involves shareholders or several founders, the shareholder agreement or other joint recording of the rules should be done in the early stages. Contractual matters are the basis of trust – even when everything goes well.
