For the first time in a very long time, last week we had no Freedom Friday blog and email newsletter because I was at the 2026 Oklahoma Bar Association Midyear Conference and attended many relevant seminars on business law topics. The best session of the conference was the keynote offered by Federal Magistrate Judge Jason Robertson of the Eastern District of Oklahoma who spoke about integrity of attorneys in court pleadings, especially in the evolving landscape of AI. The second-best session of the conference was a seminar offered by two very young attorneys concerning key clauses in business contracts. So, in today’s Freedom Friday blog and email newsletter, I’m answering the question, “What are key contract clauses in 2026?”
I often get asked, “I’m starting a small business; I already got my LLC and my EIN, what other contracts do I need?” The answer is going to vary, depending on the type of business you’re starting, but as a small business owner in Oklahoma, you can expect to deal with a variety of contracts ranging from your sales and purchases to business partnerships, employment agreements, and many others. It’s important to work with an experienced business attorney to assist you in navigating all these contracts, because you may need to create some, and then you will be presented with others from vendors, and others who create their own contracts for you to sign in order to do business with them. Here are (6) key contract clauses in 2026:
1. The Parties
The first key contract clause is the parties. This may be obvious, but any standard business contract should clearly identify the parties. It’s also important to distinguish between the individual signing and the company who is an actual party to the contract. For instance, if your LLC is entering into the contract, you may be signing the contract on behalf of the LLC, but you need to distinguish between signing on behalf of the LLC and signing as an individual.
2. Rights and Responsibilities
The second key contract clause is the rights and responsibilities (or duties) of the parties. Any standard business contract should clearly identify and explain the rights and responsibilities (or duties) of the parties involved in the contract. This part of the contract will also identify the terms of the contract, among other things.
3. Remedies for Breach
The third key contract clause is the remedies for breach of contract. This provision will explain what happens if there is a breach of contract, and what remedies are available if a party breaches the contract. Sometimes only contract damages are available, but as was explained at the conference, many contracts also provide for consequential damages, and other remedies like injunction may be able, depending on the contract involved in the dispute.
4. Dispute Resolution
The fourth key contract clause is the dispute resolution clause. This part of the contract identifies how a dispute can be resolved between the parties, should one arise. For example, the contract may require the parties to go to mediation before filing a lawsuit, or to go to arbitration instead of filing a lawsuit. If a contract requires arbitration, it is usually mandatory (non-binding arbitration cannot be enforced), and if a lawsuit is filed before arbitration is conducted, the other party can file a motion to compel arbitration if arbitration was agreed to as a dispute resolution procedure in the contract itself.
5. Attorney Fees
The fifth key contract clause is the attorney fees clause. While Oklahoma follows the “American Rule” which says each party pays for their own attorney fees absent a statute which allows for an attorney fees award, your contract may have a clause stating that the prevailing party in an arbitration or lawsuit can collect its attorney fees (and this is in addition to Oklahoma statutes which allow for attorney fees to be awarded in certain types of breach of contract cases).
6. Termination
The sixth key contract clause is the termination clause. No contract lasts forever. Some contracts, by their nature, terminate naturally. However, other contracts need a termination clause, in case there is a breach (which terminates the contract), or other event which requires the contract to be terminated early for a variety of reasons.
Thinking about starting a small business? Or maybe your small business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth? Please contact me at Jonathan@libertylegalok.com to schedule a FREE strategy session.