Contracts & Financial Transactions
Any business needs contracts to run smoothly. Whether small or big, businesses use contracts almost every day of their existence. At John R. Foley P.C., we have extensive experience in helping various businesses come up with the best contracts. Since 1994, we have helped several business owners draft various contracts, including employment agreements, non-disclosure agreements, intellectual property licenses, and the terms and conditions of various websites.
Besides helping you to come up with the best legal documents, our attorneys are also experienced in various business transactions like cash investments, distribution of dividends, payment of borrowings as well as the borrowing of cash for use in business. If you need advice or assistance in any matter relating to the contract or any transaction in your business, talk to our attorneys.
Common Business Contracts
A business contract is a legal document where each party agrees to take part in an exchange that may involve goods, services, or money. Business contracts are crucial for the life of any business because they protect both buyers and sellers. Once every party agrees to the terms of the contract and signs the document, the other party has the right to take legal action in case the other party fails to keep their promise as indicated in the contract.
Depending on the details covered, a contract can be long or short. The important thing is that all valuable information is included in the legal document. The following are the most common contracts:
- Intellectual Property Licenses
Abbreviated as IP, Intellectual Property is a property that originates from one’s mental effort. It is an intangible formulation of the human intellect. Even though there are many types of IPs with some countries having more types than others do, the main types are:
- Copyrights – Owner’s right to their artistic and written work.
- Patents – Owner’s rights about the invention of material things.
- Trademarks – The right to a symbol or name used as identification for the source of the service or product.
- Trade Secrets – The right to confidential information like secret processes and methods.
IP issues depend on whether one uses their materials or that of someone else. In some cases, the use of someone else’s IP is permitted but only to a certain extent. This is known as the ‘fair use’ rule. The ‘fair use’ rule is an IP law used in the United States to allow the use of IP without the owner’s permission to a particular extent. According to this law, the public can be allowed to use the IP so that they can give their opinion concerning the specific IP.
Other than offering criticism and commentary, fair use rule also applies when the IP is used in a parody, news reporting, research, or any non-profit educational use.
If the Intellectual property is used for any other purpose apart from the ones mentioned above, the person can be charged with IP rights violation.
As an IP owner, our attorneys can help you license, sell, prepare, and file for a patent, copyright, or trademark application. We also offer you guidance on the best ways of protecting your trade secrets and other IPs.
- Non-Disclosure Agreements (NDA)
As a business owner, you probably have some secrets, which you do not want your employees to speak out. Your employees may understand that and keep their mouth shut. The only problem is that you, as their employer, will not be entirely sure that they will keep their mouth shut. Thanks to a Non-Disclosure Agreement, employers can sue the employee who failed to keep their mouth shut as agreed. So long as the employee signed the Non-Disclosure Agreement (NDA), the employer can sue them if they ever share the secret with anyone else.
Also known as, a confidentiality agreement, an NDA is a legal document that compels the person who signs the document to keep the given information as top secret. An NDA is an effective way of ensuring company information stays within the company. Protected information may include new product schematics, plans on sales and marketing, a manufacturing process that is unique to the company or client information.
Having your employees sign an NDA helps you protect your company information. It also puts you in a better position to sue for damages in case your employees go against the NDA and breach the confidentiality agreement.
Apart from helping you draft the NDA, our attorneys can also help you in the event of an NDA violation case. Both employers and employees can be accused of violating the NDA. Other business people can charge employers while employees may be charged with violating the NDA by their employer. Whatever the case, our attorneys have proper training and experience to help win your case.
- Supply Agreements
Supply agreements ensure that goods are delivered on time. They are the legal underpinnings, which make the supply process smooth.
Many firms tend to overlook the significance of supply agreements, putting themselves at higher risks. Consult with attorneys and have your supply agreement reviewed by the best attorneys. We can also help you write a supply agreement. In case of a dispute, our attorneys can also offer you the legal advice and support you need to win your case. We serve both the suppliers and the business owners.
Without ensuring that supply chain contracts are articulated, you run the risk of affecting the operations of your business.
- Employment Contracts
Even though employment contracts are not used in every employer-employee relationship, they are vital documents. An employment contract is described as an agreement that comes between an employee and their employer. Since they stipulate the duties and responsibilities of both the employer and the employee, employment contracts help in the smooth running of the company.
They also help erase any doubt the employee may be having about their duties. The agreement also establishes the rights of both parties. Once signed, an employment agreement locks both the employer and the employee into the working relationship until the period stipulated in the contract elapses.
The contract may also include details concerning compensation, such as the amount of salary and benefits the employee can expect to receive. It also consists of evaluation standards, which the employer can use to evaluate the employee. The document is essential for both employers and employees. John R. Foley, P.C. can help you draft and review the best employment agreement for your employees. We offer you the crucial legal advice you need when drafting the agreement. If you are an employee, our legal team will ensure the agreement is legally enforceable as well as help you understand the terms of the contract.
Employment contracts may not be as popular in Michigan since Michigan is an ‘at-will’ employment state. However, if you need one, our attorneys will be more than happy to assist you.
- Financial Agreements
A financial agreement is a contract between a borrower and a lender. The legal document outlines the way a particular operation is going to be financed. The necessary information in a financial agreement includes:
- Names and the contact information of the parties.
- A general statement on the project or business that needs funding.
- The sum of money to be borrowed.
- Details on how the money is going to be spent.
- Payment terms.
- The way any dispute will be resolved in case it occurs.
Despite the size of the business, it is essential to get an attorney to assist you in drafting an excellent financial agreement. Our attorneys will help you draft and understand the practical details of the contract.
- Website Terms and Conditions
Defined as contracts between website owners and their visitors, website terms, and conditions help in reducing the disputes that may arise between website owners and the guests to their websites. Our attorneys use their extensive experience and knowledge to help you draft solid terms and conditions for your website.
- Lease Agreements
Lease agreements apply to owners of rental properties as well as people who intend to rent a property.
A lease is described as a legal document that outlines the terms set by the owner of the rental property. Before signing the contract, the person renting has to agree to comply with the terms of the lease. The lease permits the tenant to use the rental property during the lease period as long as they adhere to the conditions specified in the lease. It also guarantees the owner of the regular property payments for the period indicated in the contract.
- Insurance Agreements
If you are seeking any insurance, it is essential to get an attorney to help you understand the legal implications of the insurance agreement segment. This will help you avoid any legal problems that may arise in the future.
Other contracts and financial agreements that our team of legal experts help you with include manufacturing agreements, consulting agreements, purchase orders, and custom software development, among other legal documents about your business.
Contracts are significant for the running and success of your business. Therefore, do not take any chances with them. Let our legal team be of help. Whether you want to sell or license, or you are undecided about signing an NDA, get in touch with us. We are ready to assist you.