A business contract lawyer must know the ins and outs of the business, its main concerns and objectives. This knowledge enables the lawyer to draft and negotiate contract terms that address the client’s issues.
There are many types of contracts that a business contract lawyer can help with. If you are thinking about an important part of your business, a contract will likely be involved.
In this article, Farrah Motley, Director at Prosper Law, will discuss the five most common business contracts that a business contract lawyer can help you with.
Commercial leases need to be reviewed by a Business Contract Lawyer
A commercial lease is a document in which a landlord agrees to lease commercial property to a tenant. The term “commercial” means the property will be used exclusively for business purposes such as the operation of a retail shop, office or industrial facility.
Commercial leases are binding contracts and protect both the landlord and the tenant. Both parties can include any other terms in a commercial lease agreement they deem necessary. A commercial lease is legally binding, so all terms are enforceable. Only unlawful or vague provisions or that are too vague are not enforceable.
How do Business Contract lawyers help with commercial leases?
Commercial leases are usually more complicated than residential ones. These issues may include the rent amount, the method of rent payment, the duration of the lease, the responsibility for the maintenance of the building, etc.
You can find templates on the internet or draft a commercial lease yourself. However, a business contract lawyer knows the laws and requirements for commercial leases in your State or Territory.
They can help you draft commercial leases that are tailored to the needs of the business and the property.
Moreover, commercial leases are usually negotiable. A business contract lawyer can help you ensure that the terms of the commercial lease are fair and reasonable. Most importantly, they will protect your rights and interests when negotiating with the other party.
Employment contracts are complicated legal agreements
An employment contract is an employer and employee agreement. It is the legal basis for the establishment of a formal employment relationship between the two parties.
The terms set out in the contract depend on what was agreed upon when the employee confirmed that they would accept a job. However, an employment contract usually contains basic clauses such as payment terms, duties and responsibilities, and contract duration.
All these clauses regulate the employment relationship for the duration of the employment relationship vis-à-vis the other party. Therefore, it leaves no room for ambiguity about the requirements or remuneration for the work to be done.
How do Business Contract lawyers help with employment contracts?
An employment contract in Australia must be fair and in accordance with relevant laws and regulations, which only a business contract lawyer can draft.
Employers can hire a business contract lawyer to help them draft contracts tailored to their specific needs and protect their interests. It also helps to avoid future lawsuits.
Whereas a business contract lawyer can help employees review and negotiate the employment contract before they sign it or make any commitments.
Because if employees fail to review and negotiate the contract, they may breach the contract or lose important rights they have.
Goods and services agreements
Goods and services agreements need a proper legal review
A goods and services agreement is entered into when one party agrees to supply goods or services to another party.
The agreement outlines the terms that must be met by both parties in fulfilling their obligations. For example, if a customer purchases goods from a supplier, the agreement must specify the goods purchased, the price to be paid, payment terms, date and place of delivery, and other contract terms.
How do Business Contract lawyers help with goods and services agreements?
The terms in the goods and services agreement outline what both parties agree to do and how it will be done. A business contract lawyer can clarify the terms to both parties, so there are no surprises later when disputes arise over who owes what amount of money.
Also, in business law, rules can change, and information can become out-of-date, defeating the purpose of the contract. A business contract lawyer can draft the goods and services agreement in a way that will keep it unaffected by future changes to legislation and/or can be updated if this becomes necessary.
Consultancy agreements need to protect your business
A consultancy agreement describes the working relationship between a company and a consultant who offers his services to that company.
It explains the terms of the relationship so that both parties can account for the nature of the work and the compensation expected. In other words, it outlines the obligations and expectations of both parties to clarify what they are to do under the agreement.
How do Business Contract lawyers help with Consultancy agreements?
Complex business relationships require more than just a consultancy agreement. A business contract lawyer can also advise on whether it is necessary to supplement the consultancy agreement by obtaining an employee handbook or a non-solicitation agreement.
Intellectual property agreements
What are Intellectual property agreements?
An intellectual property agreement is a legal document used to establish ownership of an idea or creative work and to provide guidelines for its use. These agreements are a good way to monetise intellectual property.
These agreements also prevent potential disputes between parties with competing interests in the creation or design of a product.
Examples of such agreements include licensing agreements and intellectual property transfer agreements.
How do Business Contract lawyers help with Intellectual property agreements?
A business contract lawyer can help a company tailor the terms of an intellectual property agreement to the specific needs and goals of the business.
They can also help a company protect its intellectual property by negotiating favourable terms in the intellectual property agreement. These provisions may relate to the use, ownership, and licensing of intellectual property.
How can Prosper Law help?
Prosper Law is Australia’s online law firm. We provide legal advice to businesses and individuals across Australia. Our areas of legal practice include contracts, eCommerce, publishing, legal counsel and employment law.
If you need to talk to a business contract lawyer, get in touch today.
Contact the team at Prosper Law today to discuss how we can provide you with legal advice for a fixed fee or at affordable hourly rates.
Farrah Motley | Director
M: 1300 003 077