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3 top contract mistakes

On Behalf of | Jan 3, 2020 | business law |

When running a business in Georgia, one thing you need to be good at doing is implementing a solid contract. You will need contracts with various people who will provide your business with services and goods. If you make a mistake in a contract, you could find yourself in court. This makes it essential to understand the basics of a good contract. 

Forbes explains that there are a few contract mistakes that seem to be common occurrences. If you understand these mistakes, then you can more easily avoid them. Here is a look at three mistakes to watch out for.

1. Using outdated contracts

If you create a generic contract that you use in every situation, you are looking for trouble. You need to create a contract for each situation. In addition, you need to update your contracts regularly. If you started your business 10 years ago and still operate a relationship with a vendor on the contract you created then, then you may eventually run into trouble.

2. Including illegal terms

A contract does not supersede the law. You cannot include anything you want in a contract and expect it to hold up in court. You need to ensure that every aspect of your contract follows the law and includes appropriate wording.

3. Creating a one-sided agreement

The whole idea of a contract is that it benefits both parties. If the contract is only benefiting you, then it is a problem. You need to be fair and ensure that the contract looks out for your interests and the interests of the other party. 

Creating a contract for whatever you need is something that takes a fairly good knowledge of the law because it can be complex. You want to be sure you take time with your contracts and understand them before you start implementing them or else you could make one of these mistakes that will land you in court in the future.