Friday Mailbag: Contractual Obligations & Amending Contracts

In the past week, we’ve received many questions relating to specific contractual issues: e.g. Am I required to perform on a contract if my supply chain is broken? Does the coronavirus pandemic qualify as a force majeure? Will I still get paid on a sale contract if the vendor goes out of business? So, this week we decided to do something slightly different, and instead of answering a few individual questions, we’re grouping a bunch of related questions together.

Our larger questions or “themes” for this week are:

Remember, each contract is different and each business relationship is unique. Situations like we’re in now where its critical that each party understand the exact nature of their contractual relationship and responsibilities is exactly why we always harp on the dangers of contract templates! Having a business attorney draft your business and commercial contracts ensures those agreements do what you want them to do: Protect your business.

Good Contracts Are Just Good Business

The business world is permeated by contracts. Poorly written contracts can cost a business hundreds of thousands of dollars. Understanding some of the basics about business contracts will help you grow and protect your business.

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Let Us Help You Protect Your Business!

We can help you define the necessary terms of a commercial relationship and ensure that those terms are included in a well-written contract that all parties understand. We would love to speak with you directly about how we can help you increase and protect the value of your business. Call us at 407-649-7777 or email a team member to get started.

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