Hardwood Floors April/May 2024

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Legal (Continued)

GOVERNING LAW Governing law is a contractual provision that determines which law will

SIGNATURES Before you sign a contract, be sure that you fully understand the terms of the document and that all mutually agreed revisions have been made. Also, make sure that any commitments made during discussions or negotiations are reflected, as once the contract is signed, those commitments will not be legally binding unless they are in the contract. Each party should obtain an original signed copy of the contract for their files. Electronic signatures to contracts are widely permitted and enforceable with a few exceptions, so utilize appropriate technology/services to verify and secure the electronic signing process. When you receive a contract, review it carefully as each contract may be different even if it is a contract from the same vendor. If you have questions, ask for more information or clarification because ambiguity or unclear language can cost your company time and money. If you do not understand a contract, or make a bad deal, you may end up having to face legal consequences, so it can be helpful to hire a trained legal professional to review contracts and to guide your company on best practices. Iqra Mushtaq is an associate attorney at Barnes & Thornburg, LLP in Chicago, Illinois. With a unique background in law, policy, and business, Mushtaq provides her clients with dedicated preparation, outside-of-the-box thinking, and a dynamic approach to problem solving. She can be reached at iqra.mushtaq@btlaw.com. 7

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apply in the event of a dispute. Most types of contracts fall under the common federal and state laws. Contracts for the sale of goods fall under the Uniform Commercial Code, a standardized collection of guidelines governing the law of commerce. The parties can negotiate the choice of governing law depending on where they reside, where the contract transaction will take place, or whether the law of one jurisdiction is more advantageous than another. Once the governing law is chosen, the selected law becomes the law of the contract and generally will be upheld by courts.

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