Make Sure Your Contract Fits
You wouldn’t jam your feet into too-small shoes because your brother-in-law let you have them cheap. Similarly, you shouldn’t jam your business into a contract you got cheap online or from a friend, vendor, or client. You also shouldn’t jam your business into an old contract that hasn’t kept up with changes in the law.
A proper business contract will identify the risks particular to your business and business model, and protect you. If you sell products, you don’t want a services agreement, and vice-versa. The contract you re-purposed from a client may protect your customers to your disadvantage. Ditto for the re-purposed contract from a vendor.
In the coming weeks, we are going to review some key contractual terms to help you understand them.