Hardwood Floors April/May 2024

LEGAL BUSINESS BEST PRACTICES

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KNOW YOU SIGN before TRICKS AND TRAPS OF CONTRACTS

PARTIES, DATES, AND TERM The contract must identify the parties who are involved – namely your company and the vendor. For

As a business, it is important to review any contract thoroughly before signing. Contracts are legally binding agreements and you want to make sure you are protecting your company properly. Any time you or your company agree to take some action or make a payment in exchange for anything of value, a legal contract has been created, even if the agreement does not seem like a formal contract. This article focuses on some of the common provisions in vendor contracts, what you need to be aware of, and why these clauses matter.

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example, if your company’s legal name is Wood is Good, Inc., the contract should include that full name. The contract also should specify the term – typically having both a start date and end date. However, some contracts may not include an end date, and instead continue on until terminated by one of the parties. All deadlines and delivery dates should be included here as well.

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