What’s in a Name? The name of your business is important because it gives an image of who you are and what you do. Try not to limit yourself with a name that will not allow you to expand your services and products as the business grows. For example: Write On Creative Writing Services covers a wide variety of writing services, where Write On Copywriting Services would imply that I only do copywriting. 

Setting up your Books I recommend that you get a separate banking account for your business. Many banks offer these at no charge if you already have your personal account with them. This will allow your customers to write a check payable to you or to the business name. I’ve had problems when trying to cash checks made to the business through my personal account. This is avoided by having a business account.

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Vending machine contracts are known for being very vague and that can lead you to all types of problems. You should know up front that these types of loopholes in the terms of the contract often aren’t done by accident. Instead they are due to the unscrupulous plans of someone out to make money at your expense. There are vending companies that make all kinds of promises but they don’t fulfill them.

As you read through the details of a vending machine contract, they will likely be rushing you to complete it and sign it. This should be your first indication that all isn’t in your favor on this type of transaction. Ask questions about things you aren’t sure of. Push for more details in writing if needed.

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Contract Management encompasses all the activities that an enterprise or an individual engages in, while entering into a business transaction with one or more trading partners and fulfilling all the obligations of the terms and conditions agreed upon on the contract.

Almost all the transactions that occur in the business world are governed by a contract is some shape or form. Some of the common examples of contracts we deal with in our day-to-day life are employment letters, sales invoices, purchase orders, utility contracts.

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The case of Regus (UK) Ltd v Epcot Solutions Ltd [2007] highlighted the use of unfair terms in a commercial contract. The claimant in the case was a British company which was part of a large group of companies supplying serviced office accommodation in 50 countries. The defendant was a small company providing professional IT training which intended to develop a franchise in the field. The defendant company decided to use one of the claimant’s locations at Heathrow.

Accommodation by the defendant company was taken on a day to day basis in 2001. In August of that year, the parties signed an agreement which was to last for 12 months. In August 2002, the defendant renewed the agreement for a further 12 months. However, in November 2002 the defendants were told that the Heathrow location was due to close in February 2003.

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You do not need a signed contract on a boat in order to qualify for a loan. However as a boat purchaser, you have to get financial pre-approval. You can even consider getting a loan before you start shopping for a new or used boat.

A pre-approved loan will give you the capacity to bargain for the price that can fit to your budget. You can have an advantage with the interest rate regardless of the dealer or market mark-up. Another benefit is that you will know your credit status or loan limits. You will also have enough time to resolve any unfinished business that will influence the closing of your future loan. Because when you already enter into a contract, you want to be confident that the loan will be approved. In addition, a pre-approval will give the boat dealers an assurance that you are serious about buying a boat.

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IT outsourcing contracts - in which certain IT systems and services are handed, or ‘outsourced’, to a third-party specialist to handle - can be tricky beasts. Managed well, they can be highly beneficial in terms of cost savings and efficiency gains. But without due diligence, they can end in disaster.

It’s no surprise, then, that they are frequently compared to marriage partnerships: both take hard work; both demand commitment and compromise, and both can easily be sabotaged by misunderstanding and mistrust. But above all, both are exercises in managing expectations.

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A non-compete contract is an agreement signed by an employee or contractor where he/she agrees that they will not engage in certain employment within a certain geographic area for a certain period of time after they quit or are fired. A non-solicitation contract is an agreement signed by an employee or contractor where he/she agrees that they will not contact and/or solicit an employer’s customers and/or remaining employees for a certain period of time after they quit or are fired.

I previously authored an article for MITECHNEWS.com on non-compete contracts from an employee perspective. This article will address non-compete and non-solicitation agreements from the employers point of view.

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At the foundation of every legal transaction is the document known as a contract. Here is a guide to this document, why it is important and why you should use it.

The Basic Elements of Contracts

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