Should I get a lawyer to review my commercial agreements?
Getting legal advice about a commercial contract or agreement may depend on the size of the agreement and how much risk is involved.
For example, if you operate a bakery, you may have no issues in agreeing with your flour supplier for the exclusive supply of all your flour for the next six months. You know your market, and you know how to spot a great deal.
On the other hand, an agreement to provide cleaning services to a large corporation with many sites may require your business to work exclusively for one client. You’ll need legal advice to discover and assess any risks before you put all your eggs in one basket.
Likewise, if a specialised legal area covers the agreement, you’ll need specialist advice. For example, if you’re agreeing to sell your newly developed app to a third party, you’ll need expert intellectual property advice. Or, if you’re entering into a commercial lease agreement, you’ll need advice about your rights and obligations for renewal and end of lease.
What if I have a business partnership with no formal agreement?
While your partnership may be operating perfectly well without a formal agreement, that may not always be the case.
For example, if one partner dies, the Partnership Act may require that the partnership is dissolved, rather than allowing the surviving partner to explore other options.
If you don’t have a formal partnership agreement, we recommend legal advice so that you’re aware of all the risks of your situation. It’s also worthwhile exploring whether it’s possible to make a formal agreement.
How do I end a business agreement?
Bringing a business agreement to an end can be a major decision.
How you go about doing this depends on the terms of the agreement and whether you have a written contract (or other document), or whether the terms are informal: for example, a verbal agreement or a series of emails.
If you wish to bring a business agreement to an end, contact us. We’ll review your situation and give you advice that’s best for you and your business.