Solid Business Contracts Mean More than You Think
Well-drafted contracts are the heart of your business
Every well-run business, regardless of the industry, is built on contracts. A contract is — or should be — the basis of every one of your significant business relationships: with your employees, partners, vendors, intellectual property licensees, co-owners, distributors, joint ventures, suppliers, contractors, lenders and landlords. At Hemmer DeFrank Wessels, PLLC we meticulously draft these important documents for you, and we review and revise contracts presented to you by your trading partners.
Employment contracts protect your company
It benefits the employer and the employee when there’s no ambiguity about the requirements and rewards of the job. Our business law attorneys draft clear, enforceable agreements. The issues that you might consider including in an employment contract are:
Clear, well-drafted employment agreements are crucial to avoiding expensive and distracting litigation in the years ahead.
Contracts specify your vendors’ duties
Your company from time to time is likely to hire outside vendors to work on special projects. Our business law attorneys draft solid contracts for you when you are engaging with:
Independent contractors — Agreements with independent contractors should make clear there is no entitlement to benefits such as health insurance, life insurance, retirement or unemployment insurance, and that you will not withhold taxes, FICA or any other deductions.
Service providers — Contracts with service providers should specify the scope and manner of the services and the amount and method of payment. The agreements should describe the specific tasks to be performed and the standards to be met.
Consultants — An agreement with a consultant should describe the duration and nature of the consulting services. It also should include the amount of the retainer and the total consulting fee to be paid upon completion of the project, as well as what expenses will be reimbursed.
Subcontractors — A contract with a subcontractor should include the scope and timing of the work, the consequences of violating the agreement, amount and manner of the deposit and subsequent payments, a list of included and excluded duties, any forbidden acts, who will provide the materials, who will manage the project, deadlines, penalties for delays, the quality standards that must be met and how disputes will be handled.
Freelancers — A contract with a freelancer identifies the type of work, the specific project, invoicing procedures, the period of the contract, and the amount of the compensation and how it will be paid. The agreement also should make clear that the freelancer is responsible for reporting the income to taxing authorities, and that the freelancer is not your employee. It also is important to specify that you, not the freelancer, own all rights to the finished product.
These are merely the highlights of what a contract with a vendor might include. The business law attorneys at Hemmer DeFrank Wessels, PLLC tailor your contracts to the unique circumstances of the project at hand.
Other types of agreements that we draft and review include: