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Good to Know: Common Contract Terms For Business Owners
Obviously, you do not need to be an attorney in order to run a business, just like you do not have to be a chef to run a preschool. You do not even need to know the law. That is why you hire an attorney. However, you will have to review more than your fair share of contracts as a business owner. Familiarizing yourself with terms and definitions that are common in business contracts can help you understand this "legalese." It can make your job more efficient by saving you time as well. Of course, for any further questions an experienced Broward County, FL business law attorney is here to help.
Common Business Contract Terms
Arbitration: In some types of alternative dispute resolution (ADR), a section addressing arbitration can require the parties to go to a neutral third party rather than to an official court of law for any dispute.
Assignment: When you assign an agreement, it means that you assign your rights and/or obligations to another party. Some contracts forbid the other party from assigning its rights and obligations, while others make assignments contingent on the other party’s approval.
Force Majeure: Sometimes unforeseen events beyond the parties’ control can affect their ability to hold up their end of the contract. A force majeure provision governs what happens and how the parties’ obligations are affected in the event of these "acts of God".
Indemnification: When a party indemnifies another, that means it agrees to compensate it for its losses if a certain situation occurs. It shifts the risk of loss to the other party.
Jurisdiction: This term refers to the court that the parties agree to submit to in the event of litigation between them. Venue and jurisdiction clauses are called "forum selection clauses."
Merger Clause: This clause clarifies that the agreement between the parties is contained in the written document at hand, and that this document takes precedence over any other prior written or oral understandings on the subject matter between the parties.
Representations and Warranties: Parties to a contract may make certain representations and warranties about information material to the agreement. For example, they may warrant that a product is clear of certain types of defects. These are separate from any implied warranties that the law may provide in contracts for the sale of goods.
Venue: Closely related to jurisdiction, when a contract has a venue clause, it specifies the location in which a lawsuit to resolve a dispute may be brought.
Call a Broward County, FL Business Law Attorney
When you need skilled representation for reviewing or negotiating a contract in the course of doing business, you can turn to the experienced Fort Lauderdale, FL business law attorney at The Elliot Legal Group, P.A.. From vendor agreements to sales contracts, commercial leases, and everything in between, our firm understands not only the law but the business context. We strive to provide our clients with representation tailored to their needs. Call the firm at 754-332-2101 to schedule an initial consultation so you can hear we can help you.
