Legal Contracts are all over the place; we enter into contracts all the time without even knowing we did, for example, putting a coin into the coffee machine, going to the restaurant and taking your own food, buying a magazine, getting on a train.
What is a contract?
A contract is a legally binding agreement that will hold in a court of law. Nevertheless, not every agreement between two parties is a legally binding contract. Parties in valid contracts gain rights and responsibilities; and in case of any disagreements, the courts will make sure that the parties follow these rights and responsibilities.
Business contracts are a part of every business life cycle, whether they choose to deal with them in-house or through a legal firm, it is vital that these documents are accurate and tie up any loopholes.
There are plenty of different types of business contracts out there that work in variable ways. Some are simple while others are complex, some revolve around people, others around things. How can you identify the different types, so you know what you’re dealing with? Here are 5 examples of the common types of business contracts that our legal firm get asked to produce the most:
Top 5 most common types of business contracts:
One of the most known type of business contract, that most businesses should be familiar with, is a Bill of Sale contract.
1. The Bill of Sale Contract by JMR Legal Firm
We often get asked to draft a Bill of Sale Contract at JMR Solicitors. There are many businesses around Manchester who we have worked with you create this vital piece of document.
A Bill of Sale contract is an agreement between two entities that states who owns a piece of personal property, as well as what the property is, when it was sold, how much it cost, and who it was sold by.
This kind of contract is also normally used to legally identify ownership and recognise the owner of a certain property.
2. Employee Contact by JMR Legal Firm
When a business is ready to hire their employees for their company, they need to have an Employment Agreement in place which is also known as the employment contract. This sets out the terms of employment, such as annual leave, hours of work, sickness procedure and much more.
This type of contract legally sets out the terms and conditions of a person’s employment with your business and therefore it’s vital to have a solicitor draft this for you to avoid disagreements. This can include how much they will be paid, how many hours they’re expected to work per week, what kind of bonuses they can earn, and reasons for which they can be terminated.
3. Licencing Contracts by JMR Legal Firm
If your business is orientated on a product to sell, then you will need a Licensing Contract. A Licensing Contract is an agreement that allows you to earn money from your discovery or creation by allowing someone else to use it.
This type of agreement can assist as an outline of terms like how much they will pay, restrictions of use, reproduction rights, and exclusivity of the product.
4. Nondisclosure Agreement Legal Firm
When teaming up with others you should also make sure that you are legally covered by a Nondisclosure Agreement, which can be used for vendors, clients, or potential employees.
A Nondisclosure Agreement protects your private information and can give you the right to seek legal action if the other party discloses data covered by the agreement.
5. Promissory Note by Legal Firm
This is a legal type of IOU. We prepare the Promissory Note if someone wants to borrow money from your business.
The note becomes a legal agreement and record of the loan and the terms of repayment as well as stating the interest rate and any penalties related with late or non-payment.
Other common business contracts JMR Solicitors can help you with include:
- Franchise Agreement
- Joint Venture Agreement
- Limited Liability Partnership Agreement
- Licensing Agreement
- Consultant Contract
- Confidentiality Agreement
- Indemnity Agreement
- Loan Agreement
- Terms and Conditions for your business
- Shareholder Agreement
- Partnership Agreement
- Service Contracts
- Construction Contracts
- Building Contracts
- Intellectual Property Contracts
- Employment Contracts
- Business Sale Contracts
- Advertising Contracts
- Agency Contracts
- Conditions of sale
- Distribution Agreement
- IT Support Contract
- Licence Agreements
- Loan Agreements
- Manufacture and Supply Agreement
- Partnership Agreement
Why choose JMR Solicitors for your business contract needs:
We are experts in creating strong documentation to officially confirm any commercial agreement. Considering general commercial law as well as the application of specific legislation for certain industries, all likelihoods are covered. As part of the work we commence in preparing these contracts, we apply our own knowledge, assess existing contracts and work in collaboration with you to positively identify any areas which require detailed consideration over and above a standard trading contract.
Manage your Business Contracts with our Flexible Legal Solutions for Businesses!
JMR solicitors FLS for Business plan offers businesses an easy way to run your company’s contract management process – creation, alteration, etc. all at a fixed fee each month. You can even use your hours on other legal aspects of business. Contact JMR Solicitors for your business contracts today.