Contract disputes are relatively common in today’s business climate, but they have the potential to cost business owners considerable time and money. For this reason, many modern business owners are taking preventative measures to lessen the chances of finding themselves embroiled in costly litigation, and they are using similar tactics to do so.
According to Inc., having a carefully crafted and worded business contract goes a long way in terms of preventing potentially expensive and time-consuming contract disputes. If a contract has any language in it that could potentially be cause for confusion or open to interpretation, this could lead to trouble, so the clearer and more concise a particular business contract is, the better.
While exercising extreme care when wording a contract may help lessen the chances of litigation, having a notary there when both parties sign the contract may do the same. Having a notary present during signing makes it much tougher for someone to argue that a signature is invalid. Furthermore, the person signing the contract is more likely to read through it carefully if he or she knows a notary is going to be there for the signing of it.
A third tactic that may help today’s business owners avoid costly contract disputes involves including language that accounts for future variables. For example, if a contract automatically renews every so often, this should be clear in the contract. Similarly, if a particular event or occurrence would invalidate a particular contract, this, too, should be readily apparent. Find more about business law and litigation on our webpage.