Contracts create the basis for understanding regarding a given transaction and the enforceable legal obligations of all parties in an agreement. Business law firms in New York should be able to provide guidance in order to ensure that you have prepared and signed contracts that meet your goals.

When faced with a potential contractual situation, such as a lease, a purchase agreement, or an employment contract, you will want to ensure that all of the fine details are properly addressed and that the general considerations are covered. This article will show you why consulting a business law firm in New York is important to protection yourself with a contract.

What Is a Contract?

A contract is an agreement between two or more parties that creates an enforceable legal obligation. They are agreements and promises that those involved in the contract are legally obligated to perform. Generally, all terms, conditions, and promises in the contract must be agreed upon between the parties in the contract in writing.

Contracts need to include the terms of the agreement, the nature of the exchange, and other important conditions. The parties involved must also both declare that they agree with the contents of the contract, known as consideration.

When Should I Sign a Contract?

Before signing any type of contract, it is important to consider exactly what your goals are in agreeing to that contract. Be sure to discuss the entirety of the agreement with any other involved parties to ensure that all aspects of the contract are agreed upon. It would also be helpful to have a copy of the contract before all parties sign.

You should also consider the interests and financial liability of the other parties involved. Make sure that any parties in a contract who do not have a sufficient understanding of the agreement have legal representation or a trusted advisor who can explain the implications of the contract to them.

In addition, be sure to evaluate the implications of the contract prior to signing. Make sure it does not pose any undue financial burdens, does not suggest illegal activities, or contain any unexpected terms.

Signing a Contract in New York

New York State law imposes certain requirements on contracts. For most contracts, there must be a Clear Statement of Contract Terms that describes the purpose of the transaction, the obligations of the parties, and any applicable time periods.

It is also important to evaluate the statute of limitations for any contracts in New York. A statute of limitation is the amount of time that can pass before parties to a contract lose their legal right to take action. In New York, the statute of limitations may vary depending on the type of contract; for example, a contract for a sale of goods may have a different statute of limitation from a contract for a service, or an employment contract.

Working with a Business Law Firm in New York

When it comes to understanding and drafting contracts, working with a business law firm in New York can be invaluable. A business lawyer in New York can assess the situation, advise as to the legal implications of a contract, assist in the negotiations, and review the final version of any contracts before they are signed.

New York-based lawyers that specialize in business law are also familiar with the various options available to businesses in the state and are able to provide guidance based on their experience. Working with a business lawyer in New York can help ensure that contracts are prepared in full compliance with state laws, protect your interests, and guide you through complex and often ambiguous contractual negotiations.

To summarize

Contracts are an essential part of many business transactions, and it is important to ensure that all aspects of the agreement meet the needs of all parties involved. Working with a business lawyer in New York can not only provide the legal advice needed to make well-informed decisions, but also protect your interests with enforceable legal obligations. Whether you are leasing a property, negotiating a purchase agreement, or entering into a service contract, understanding the implications of the contract is essential.


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