Contract law involves the creation, interpretation, and enforcement of written agreements between parties involved in business transactions. If you’re starting a new business, or even if you’re simply signing an agreement with another party, it’s vital that your agreement be ironclad and backed by solid legal representation. That’s where Daryl Reese Law comes in. We offer contract law services including drafting and review of all types of contracts such as nondisclosure agreements, purchase and sale agreements, shareholder restriction agreements, or other multi-party agreements.

 

The 4 Things You Need To Know About Contract Law

 

There are lots of terms associated with contracts and contract law, which can be confusing. Daryl Reese Law simplifies things by breaking down the terms found in contract law and how they impact your legal agreements.  Here’s what you need to know: 

 

  • Contracts can help protect both parties from fraud or misrepresentation 
  • You should have an experienced contract law attorney review all contracts before signing them 
  • If one party breaches a contract, it’s important to understand what remedies may be available 
  • A contract is not legally binding until signed by both parties.

 

What Is An NDA?

 

An NDA, or nondisclosure agreement, is often signed prior to business discussions with another company. Nondisclosure agreements typically include mutual promises of confidentiality to protect proprietary information and trade secrets between two companies. Daryl Reese Law can review your contract and provide legal advice on whether an NDA is right for your situation. If so, our contract law attorneys can prepare an enforceable agreement that protects both parties and their interests in intellectual property.

 

 

How Do NDAs Protect You

 

Nondisclosure AgreementA nondisclosure agreement (NDA) can be crucial for both preventing legal action and protecting your intellectual property. A nondisclosure agreement can come in several forms, including a confidentiality agreement, invention assignment agreements, and more. NDAs are especially useful when it comes to protecting your ideas, products and services—the kinds of things that turn into multimillion-dollar businesses!

 

What Are Asset Purchase Agreements

 

A purchase agreement, sometimes referred to as an asset purchase agreement, asset sale agreement or equipment sale agreement, is a document that serves as an outline for how the sale of a business transaction will occur. Typically, it explains what assets will be included in or excluded from negotiations. It also describes how payment will be handled and may include other provisions such as employment contracts. A purchase agreement provides protection for both parties involved in case things don’t go according to plan.

 

Common Terms In Purchase Agreements

 

The purchase agreement specifies what each party must provide or do, and when it must be provided or done. There are many terms that are common in business contracts, especially purchase agreements. Make sure you know what these common terms mean and how they can affect your agreement: (e.g.,) Indemnification, Contractual Right of Setoff, Insolvency Protection Clause, Limitation of Remedies Clause, Time is of the Essence. Some terms are mutually defined within an agreement, while others require outside sources to determine their meaning. It’s important to make sure all parties understand exactly what each term means before signing on any dotted lines. Daryl Reese Law will help ensure you get all of your questions answered before signing on any dotted lines. Contact us today for more information!

 

What Are Operating Agreements And When Should They Be Used

 

Operating agreements are used to set up a limited liability company (LLC). They define the rights of the owners and the managers of the company. Operating agreements sometimes include language regarding who will buy and sell an owner’s interest in case he or she wants to leave or dies. In addition, operating agreements define how profits and losses will be distributed among owners, how management decisions will be made, what happens if there is a dispute between owners and much more. Operating agreements can also address important issues such as whether any of your personal assets are at risk if your business fails. 

 

When Do Shareholder Restriction Agreements Come Into Play

 

Shareholder restriction agreements, also known as buy/sell agreements, act as an agreement between business owners that lays out exactly how the current owners’ shares will be purchased in the event of a triggering event such as the death, disability, or divorce of a shareholder. Common terms in a shareholder restriction agreement include who has the right to buy another’s shares of stock, how the stock to be sold is to be valued, and what the terms of such a sale would be.

 

Get Legal Help With Business Contracts

Contracts, whether written or verbal, are legally binding promises to deliver something specific in exchange for something else. It could be money, goods or services. These agreements help protect both parties involved in a transaction from fraud, theft and other problems that can arise during any deal. They also help protect businesses from lawsuits that could arise if one party felt another did not uphold their end of an agreement. This is why it is important to hire an experienced contract law firm like Daryl Reese Law when writing or reviewing contracts with others.