Contract disputes can be costly and time-consuming for businesses. By ensuring your business contracts are in good order, you can help minimise the chances of a contract dispute arising.
Tips to avoid contract disputes
There are key things to consider when drafting contracts to avoid common contract disputes and keep your business running smoothly.
Undoubtedly the primary way to avoid a contract dispute is to document your agreement. While it may seem acceptable to strike an agreement on a handshake or trust because of the longstanding relationship, even in the best of circumstances, relationships can sour. Without clear written terms, difficulties may arise if the other party reneges on the agreed-upon obligations.
Clear contract terms
Whilst there are risks associated with any contract, a properly drafted agreement can help avoid costly disputes down the track. Taking the time to draft a customised written agreement means both parties have a clear understanding of their obligations and rights. Furthermore, attaining input from a dispute resolution lawyer will test the agreement for ambiguity and uncertainty.
Typically business parties are aware of their primary obligations in a contract. However, even the best contract cannot protect you if you do not track key dates and deadlines. Failure to comply often results in contractual disputes.
Dispute resolution clauses
Even in the best of partnerships, disagreements arise. Including a dispute resolution clause helps persevere good working relationships between parties, saving you time and money.
Geelong business lawyers
Drafting legal contracts can be a daunting task for business owners. Engaging an experienced business lawyer in Geelong who has a deep understanding of contract law will help (and may minimise the risk of legal disputes down the track).
Contractual dispute resolution in Geelong
If you find yourself involved in a legal dispute, the lawyers at WJM have a wealth of experience in dealing with complex contractual disputes across Geelong, the Bellarine and Surf Coast regions. They can offer advice on contract drafting from a litigator’s perspective or assist you through the dispute resolution process.