In today's Freedom Friday blog and email newsletter, I want to discuss another question that is rarely asked, but should be, and that is how your small business can avoid a lawsuit, specifically, a breach of contract lawsuit. No one wants to be part of a lawsuit. Lawsuits can be expensive and sometimes can be avoided, especially a lawsuit for breach of contract. In today's Freedom Friday blog and email newsletter, I want to answer the question, “How can my small business avoid a breach of contract lawsuit?”
So, what is a lawsuit for breach of contract? Breach of contract is when one side or the other fails to hold up their side of a contract. In today's Freedom Friday blog and email newsletter, I want to share with you three (3) ways that your small business can avoid a small business lawsuit.
1. Make Sure the Contract is in Writing
The first way in which your small business can avoid a breach of contract lawsuit is to make sure your contract is in writing. How many times have you as a small business owner heard the saying, “Make sure you get it in writing”? This is very true when it comes to contracts for your small business. Verbal contracts have a great potential for misunderstandings, disagreements, and disputes. However, a written contract will set expectations for the parties, and avoid surprises. Written contracts will also avoid misunderstandings between the parties. Also, written contracts will help hold the parties accountable to the terms of the contract.
2. Avoid DIY Contracts
The second way in which your small business can avoid a breach of contract lawsuit is to avoid DIY contracts. Many times if parties are wanting a written contract, but wish to save costs, the parties will rely on contracts that one of the parties have written themselves, or the parties have cut and paste from other contracts in use or contracts they have found from the Internet. In a nutshell, this would be relying on DIY contracts. Unfortunately, DIY contracts don't always address the transaction at hand, and not address relevant issues. DIY contracts can also overlook important issues, like planning for contingencies. It is far better to spend a little money and have an attorney draft the contract for the parties rather than to rely on DIY contracts which should be avoided if you wish to avoid a breach of contract lawsuit.
3. Get Help When Needed
The third way in which your small business can avoid a breach of contract lawsuit is to get help when needed. If your small business is having trouble paying its debts and other obligations, then you should consider hiring an attorney who can help your small business establish a repayment plan with your creditors. Also, if your small business and/or yourself gets sued over nonpayment of a contract, loan, or lease, it is very important to hire an attorney to file a response to the lawsuit as time is of the interest to protect you and your small business from an unnecessary judgment.
If you are interested in starting a small business anywhere in Oklahoma, or you are needing legal help building, protecting, or defending your small business, please contact me at [email protected] to schedule a FREE strategy session.
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/
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