When operating your own business, it’s easy to think that some of the biggest challenges you’ll face will involve market conditions, business strategies, and how to deal with competitors in your space. However, the biggest and most problematic issues can also arise from the many kinds of contracts a business enters into: contracts with employees, shareholders, other businesses, and so on. Business lawyers in Edmonton often see disputes arise from contracts that did not undergo a proper review.

Strong contracts, written correctly and thoroughly reviewed through the lens of experienced corporate lawyers in Edmonton, are your first line of defense against potentially costly and long-running disputes. With legal support, you can avoid headaches and enjoy greater peace of mind in the contracts that underpin your business.

What Contracts Should You Review?

Let’s explore the different types of documents you should speak with a lawyer about.

Shareholder and Partnership Agreements

These contracts define who owns portions of the business and how much of each. They also set out who has the power to make decisions, how to resolve disputes between partners, and how future buyouts of other partners may work. Without a thorough review of these agreements, disputes between founders or managing partners can tear companies apart and undermine their effectiveness.

Service Agreements

These contracts are those you make with third-party businesses to carry out work for you or on your behalf, such as providing services to your building or support in the field. They cover terms of payment, liabilities, the defined scope of the required work, and more. If these agreements are too vague or unclear, it can lead to disputes over payments, the quality of the work, and more. Make sure your service providers have clear expectations.

Non-Disclosure Agreements

When you need to protect information that is secret to your business or sensitive client data, NDAs are a regular and essential tool. However, a boilerplate NDA probably does not cover the important edge cases for your business or provide sufficient legal protection to hold up in court. A detailed review by a lawyer can confirm the strength of your NDA and its ability to be legally enforced.

Employment Agreements

How you form contracts with your employees is vitally important, especially for correctly classifying your workers. A lawyer can help you understand whether to classify individuals as employees or independent contractors. These agreements also define compensation, employment terms and expectations, and termination and severance provisions. To reduce the risk of legal disputes with workers later, especially with respect to severance, ensure your employment agreements cover all the important bases.

Commercial Leases

Leasing property or equipment for commercial use can be very expensive for businesses, representing significant investments. These, too, should undergo a thorough review so that you fully understand terms such as guarantees, rent levels, lease renewal options, and the expectations placed on your business. A lawyer can assist you in determining that you’ve received a fair deal from landlords.

Supplier Contracts

Avoid disputes with suppliers of crucial materials to your business by drafting contracts that are clear about terms of service and product delivery timelines. Define who’s liable for poor quality products or shoddy workmanship, set terms of exclusivity, and understand when and who can terminate the contract. Don’t accept agreements from suppliers sight unseen; submit them to a careful review first.

How You Can Find Help With Lypkie Henderson

With support from corporate lawyers in Edmonton, you’ll find that navigating the many and varied business contracts becomes much simpler. Our team can support your business in several ways. We can assist with drafting these contracts so they’re tailored to your business and industry, and we can also review third-party contracts before you sign them. When language issues arise, our business lawyers in Edmonton can also negotiate contract terms on your behalf to reach a more equitable agreement.

Contract reviews help you identify hidden risks, flag important clauses, and secure the support your business needs during these critical efforts. Reach out to our firm today to learn more about how we can help and discuss your contractual requirements.