Define Commercial Contract
A commercial contract is an agreement that is legally binding between two or more parties involving a business transaction. It is usually associated with the sale of specific goods or services. A commercial contract describes the specific terms and conditions of the transaction or relationship, such as the number of goods or nature of services to be supplied, the agreed-upon compensation for the seller, and the repercussions if either side fails to meet their responsibilities.
Our Contracting Services in Texas
Each contract that your firm agrees to must be thoroughly reviewed. Our team can assist you at each stage of the contractual process, including the initial drafting, negotiation of terms, adjustment of language, finalization, and execution.
We can assist you in avoiding common contractual mistakes and make recommendations that can help prevent unnecessary ambiguity or future conflicts. Our Southlake commercial contract attorneys can assist you with many types of legal agreements, including:
- Restrictive covenants. Many companies depend on proprietary information and trade secrets to remain competitive. Restrictive covenants, which include nondisclosure and non-compete agreements, work to protect sensitive materials by limiting the ability of employees, contractors, and other vendors to disseminate confidential information or work for competitors. Non-compete agreements can be especially challenging to navigate, as they are only enforceable in Texas if they are “reasonable in scope.”
- Construction contracts. Contracts involving commercial construction should clearly define the scope of the project, a projected timeline and completion date, terms of payment, change order mechanisms, warranties, and what constitutes unavoidable “acts of god.” A well-drafted contract can help ensure the timely completion of a project and protect a company should conflicts arise.
- Property and equipment leases. Companies need real estate and equipment to conduct operations, and contracts will be necessary to define the leases of these elements. Our firm has extensive experience assisting businesses with commercial real estate projects, including closing and financing.
- Partnership agreements. Many businesses are structured as partnerships in which multiple parties contribute and have obligations to the company. A partnership agreement formalizes and defines the responsibilities of each partner.
- Indemnity agreements. Depending on the nature of your business, indemnity agreements can be necessary to limit liability in situations with inherent risk. We can evaluate whether indemnity agreements may be necessary and help draft and negotiate enforceable terms.
- Purchase orders. Purchase orders are pivotal in establishing reliable supply chains and fulfilling customer orders. Effective agreements will clearly define the good or service’s price, the quantity being committed to, and terms of payment and delivery.
- Sales, mergers, and acquisitions. Any transaction involving the sale, merger, or acquisition of a company or its assets is subject to numerous regulatory requirements and can be exceedingly difficult to navigate. We can help efficiently facilitate and execute deals of all sizes and complexities.
Litigating Breaches of Contract in Texas
When you sign a contract with another party, they are legally obligated to fulfill their obligations under the agreement. Failures to honor any portion of a contract constitute a breach if they result in damages to your business. To successfully litigate a breach of contract claim in Texas, you must demonstrate the following:
- A valid contract existed between the parties
- The claimant tendered performance
- The defendant breached the contract by not fulfilling one or more of their obligations
- The breach resulted in the claimant suffering damages
Texas courts can award monetary damages to claimants that can demonstrate the harm they experienced as the result of a breach. The precise amount will vary based on the unique circumstances of the case, but the court will typically consider the total anticipated value of the harm rendered and the amount it would take to restore the claimant to the position they were in before signing the contract. Damage awards will also generally cover reasonable attorney fees.
How To Write Up A Business Contract Agreement
When writing a business contract agreement, you must create a clear and comprehensive document that protects the interests of all parties involved.
Below are some key steps to consider when drafting a business contract agreement:
- Identify the Parties: Clearly identify the parties involved, including their legal names and addresses.
- Define the Terms: Clearly define the terms and conditions, including scope of work, deliverables, timelines, payment terms, and other relevant details.
- Address Consideration: Outline the consideration exchanged between parties, such as compensation, goods, or services.
- Include Legal Clauses: Incorporate important legal clauses, such as dispute resolution mechanisms, choice of law, confidentiality provisions, limitation of liability, and termination clauses.
- Review and Revise: Carefully review the agreement for accuracy, consistency, and completeness. Make necessary revisions.
- Seek Legal Advice: Consult with experienced business contract lawyers or a Southlake contract lawyer at Flynn & Ryan, LLP sound legal advice.
- Execution and Copies: Ensure all parties sign the document, and each party retains a copy.
Contract agreements are legally binding, and their wording is crucial. Seeking the expertise of business contract lawyers in Southlake can help safeguard your interests. Our firm's bilingual English and Spanish litigation services combined with over 40 years of experience, enable us to provide top-quality services to clients throughout Texas. Need contract law help? Contact us for expert assistance in drafting and reviewing business contract agreements.
Call our Business Contract Attorneys
Our Southlake commercial contract attorneys at Flynn & Ryan, LLP can assist you in pursuing breach of contract claims and finalizing legal agreements. Our team has decades of litigation experience and an excellent track record of delivering favorable results for our clients.
If you have been harmed due to a breach of contract, do not hesitate to call (817) 329-3000 or contact us online to explore your legal options with business contract lawyers near you.
