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Legal to English

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    • Guide to Intellectual Property
    • Guide to Understanding Contracts
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Guide to Understanding Contracts

Contracts are an inescapable part of business today. In the fast-paced world of startups, it is not always possible (or worth it) to have a lawyer review (or sometimes even draft) the contracts you encounter. The business world moves quickly. The legal world does not. That means, it is up to entrepreneurs to equip themselves to better understand what is contained in contracts and why clauses are important.

Here at Legal to English, we not only focus on the how, but also the why of contract drafting. This guide will help you consume the content focused on how to better understand and even how to draft better contracts. This guide is a good place to get started to see all of the content on contract drafting in an order that will help you get started and on the way to drafting contracts that protect your business!

This guide to contract drafting will not only help you better understand the contracts you read everyday, but also will equip you to draft contracts yourself that actually protect your business.

Contract Defined

Contracts are  self-contained explanations of a relationship between two parties. To better break it down, you need to make sure your contract is clear and is not subject to more than one meaning. You also need to make sure you have covered the what-ifs and the unexpected occurrences that may come up during the relationship. Contracts can be created in many different ways. One of the most important skills for an entrepreneur to learn is to get it in writing.

Drafting Contracts

Contracts are about making it easy for everyone involved or who might be involved in a deal to understand the terms of the contract. When drafting a contract, make sure you:

  • Start the contract out right
  • Include all of the necessary miscellaneous information
  • Make sure the contract is signed correctly
  • Make sure it is clear how the contract ends
  • Make sure you can get paid
  • Make sure you can update your contract as you need

Using Contracts

It is not enough to simply draft strong contracts. You have to make sure they work in for your business. After you have drafted a contract, you need to make sure it:

  • Helps you Collect the Money You Earn
  • Doesn’t Keep You From Landing a Deal
  • Works for Your Business
  • Protects Your Business, But Gives You Flexibility

When You Don’t Have a Contract

Sometimes, you don’t have a contract to lean on. Even if that happens, you may be able to protect yourself, if you take steps before there is an issue with the agreement. Here, we talk about what you can do when you didn’t get it in writing.

Online Contracts

In an increasingly digital age, many businesses are moving agreements online. These posts discuss what you should consider in your online contracts:

  • The Biggest Lie on the Internet
  • How to Make Your Online Contracts Work for You

Negotiating Contracts

Some contracts are more involved than commonly used boiler-plate template contracts. Sometimes, you negotiate a contract. Whether or not you have a lawyer involved, these posts will help you get the deal closed:

  • 3 Reasons Your Contract is on Draft 10
  • The Big Picture in Contract Negotiation
  • When the Contract is the Problem

Specific Agreements

Some contracts require special consideration. Though the contract drafting tips apply, you should also consider this information for your more specific types of contracts:

  • Independent Contractor Agreement
  • Software Development Agreement
  • Nondisclosure Agreement

Don’t Miss Another Tip

Every Friday, we dive deeper into the legal issues affecting your business every day. The conversation is about helping you sleep better knowing your business is protected. Every Friday you will receive tips and tricks to deal with the legal issues you see everyday. Don’t miss another one.

About Josh

I am a business lawyer who helps small business owners and entrepreneurs develop a clear legal plan to protect their business as it grows. I podcast, blog, and spend my time giving entrepreneurs a clear path to legal protection. Growing your business can only happen if you have a firm foundation.

If you want to know more about how to build a business while laying your legal foundation of protection, you are in the right place. Read More…

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