The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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Surfside business law attorney

If you are an entrepreneur who is just getting started building your business, or even if you have been a business owner for decades, it is important to be cognizant of business contract essentials to avoid running into difficulties down the road. Those who fail to adhere to the following six requirements could end up with an unenforceable agreement with a business partner, vendors, employees, and anyone else with whom you draft and sign a contract

Official Agreements

Business law can be complicated, especially for first-time business owners. While it is never advisable to rely solely on your limited legal knowledge during business negotiations, it is always a good idea to have a general understanding of these requirements:

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Sunrise business law attorney non-compete agreement

Whether you are a newly hired employee or you intend on going into business with someone else, you will likely be required to sign a contract before you can begin work. Many people will sign these employment or business contracts without giving them a second glance. You may be thinking that the contract is not relevant to you as an employee, but more directed toward management positions. No matter what your incoming role in the company may be, it is important to look into the details of any contract with a legal professional before signing. Non-compete agreements are commonly overlooked in Florida business contracts.

What Is a Non-Compete Agreement?

A non-compete agreement is a term within a contract that prohibits the signer from working for another company or starting his or her own business for a certain period of time. The purpose of these agreements is to reduce the chances of an integral employee leaving the company and becoming a competitor. This can involve going to your current employer’s biggest competitor and bringing your experience and previous employer’s business secrets to their competition. Alternatively, you may use the knowledge and connections that you have learned from your current employer and build your own business to compete with them. While it is impossible to restrict these opportunities forever, a non-compete agreement can typically place these legal constraints for six months to two years, and many include a geographic range in which the agreement spans. In other words, you cannot start a competing business down the street, but you can work in another county.

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Sunrise business law attorney third-party-beneficiary

Everyone has experienced a time when a lunch date with a friend has evolved into a group event after bumping into someone while out to eat. This “third wheel” can hang around much longer than expected and change your plans drastically. While this is a boiled-down analogy, third-party beneficiaries within business contracts can be a similar experience. Companies signing contracts may not realize the straggling, unintended parties that may appear later down the road. Whether you are a small start-up or a well-established company seeking new business ventures, it is critical to be detail-oriented when drafting a new contract or considering signing one. The legal jargon used in these contracts as well as the high volume of content can cause some businessmen and businesswomen to sign a contract without recognizing the third parties it may bring along with it.

What Is a Third-Party Beneficiary?

Similar to the analogy used above, a third-party beneficiary is a company or business that benefits from the terms of a contract made between two other parties. These potential beneficiaries are sometimes unforeseen by the signees before putting their pen to paper. Depending on the circumstances, these third-party beneficiaries may have certain rights within the contract if the terms are not fulfilled by both signing parties.

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