Austin Business Contracts & Agreements Lawyers
The primary objective of a business contract or agreement is to document, formalize and turn promises into a legally binding list of rules, rights, and obligations for the involved parties to follow. Contracts are vital services offered at Davis Business Law and can be confusing, especially for new business owners.
Business Contracts and Agreements
Business contracts and agreements are typically drafted by either the buyer or seller. The drafting party describes the specific terms of the agreement, such as what each party is promising, when the promises should be met, what will be delivered and the due date for the products and/or services.
Contract disputes could soak up large amounts of time, money, attention, and effort, dragging out either party’s ability to operate effectively. The longer contract disputes last, the costlier it will become.
What Are the Elements of Enforceable Contracts?
There are three vital elements of a binding contract. These include the offer, the acceptance and the considerations. These elements must be present for a business contract to be considered acceptable, complete, and binding.
Offer: This contract element marks the initial step of the business agreement. In it, the party offering the contract presents a proposal containing specific terms for the other party to accept or reject. The party offering the contract may do so in many ways, including by spoken word, writing or even actions.
Acceptance: This contract element is most dependent on the party receiving the contract. In it, the receiving party considers the offer by the issuing party and then chooses to accept or reject it. The receiving party may do so in writing or orally. If acceptance is made, the contract will be considered absolute and binding with the consent of both parties.
Consideration: This is the final stage of the contract. Both parties have an equal say in this stage, without which the contract can’t be completed. This stage involves exchanging items of consideration with one another as mentioned in the accepted terms of the contract.
Types of Contracts
The type of contract used in a business agreement refers to the business’ document structure, compensation details, legally enforceable requirements, and other associated tasks. Our legal representatives at Davis Business Law can help you with your contract drafting process and handle disputes with partners/vendors, employees, and tenants. We check and counter check all documentation to ensure everything is in order and acceptable.
Employment agreements cover employee relationships with businesses and offer both parties legal protection. The contract may state how long the employee contract will run, the pay rate, work conditions and other details. It may also cover bonus terms, the amount of time employees are expected to work and grounds that may necessitate firing an employee.
An NDA is a form of a confidentiality agreement that gives the protected party the right to seek legal action should the other party disclose sensitive information covered by the agreement. Collaborating with other parties often involves sharing sensitive company information and trade secrets.
An NDA places the signing party in strict confidence to use the proprietary information only for the intended purpose stated within the contract.
Real Estate Agreements
Real estate contracts are legally binding documents that outline key terms and conditions agreed upon by two or more parties in a real estate transaction. The outlined terms are put into effect upon signing the real estate agreement. The terms typically include:
Real estate contingencies
Business-to-business contracts are often used when services are rendered for a fee. Written B2B agreements are meant to protect both parties should either party fail to meet their end of the deal. B2B contracts may include vendor agreements, partnerships with other companies and purchase agreements.
Contact Davis Business Law in Austin
Our experienced and dedicated law representatives at Davis Business Law devote all their time to building and protecting our clients’ dreams for their businesses and lives. We specialize in helping clients create legally binding and enforceable documents for their business relationships, employment contracts, and business formation.
Our breach of contract lawyers have extensive experience in legal documentation review and analysis. We strive to provide the best legal representation that meets and surpasses your needs, whether large or small. Contact us if you need to draft new contracts or are already in (or anticipate) contract disputes.
Call us at (737) 252-7914 or complete the form below. Your form will be directly emailed to us for a quick reply, typically within 1 business day often within hours the same day. All information is confidential.
Meet Our Austin Business Lawyers
J. Michael Morrison, Esq.
Tim Pullin, Esq.
Ashley Morey, Esq.
6500 River Place Blvd
Building 7 Suite 250
Austin, TX 78730
Davis Business Law
321 S. Boston, Suite 300
Tulsa, OK 74103