Indianapolis, IN Contract Dispute Attorney
Contracts are a universal component of all businesses regardless of size. Business contracts can range from the very basic to the extremely complex. Some contracts come in the form of a verbal agreement and handshake, while the majority of contracts take some type of written form. Contracts can be executed between business partners, vendors, suppliers, employees, and customers.
Regardless of the type of contract that is needed, contracts have an important role in the viability of a business and its ability to sell a product or service and make a profit. When a contract is broken, the wronged party can take legal action. If you find yourself a party to a contract dispute, you need an experienced business law attorney to advise you of your legal rights and help represent your interests.
Contracts for the sale of a business, the sale of goods under the Uniform Commercial Code (UCC), confidentiality agreements, and non-competition agreements can become the subject of business disputes which may require you to seek legal assistance.
Even if the breach of contract seems straightforward, it can be very costly for a business or its leadership to negotiate a contract dispute without the help of an experienced business litigation attorney. An Indianapolis business lawyer who has in-depth knowledge of contract law and experience reviewing contract documents can provide you with valuable legal advice. Our Indiana contract dispute lawyers know contract law and can review your issue and discuss negotiation strategies and possible outcomes.
Communication is the key to avoiding contract disputes and litigation. In the initial stages of forming an agreement, both parties should make sure they fully understand the terms of the contract and responsibilities in order to avoid costly disputes. It can be easier to negotiate your position during the creation of the contract rather than during the execution of it.
Elements of a contract
One of the first questions you may have in a contract dispute is whether or not the contract is valid and enforceable. This type of question can best be answered by an attorney who has a strong knowledge of business and contract law. There are a few basic components that need to be present in order for a contract to be considered valid.
First, the contract needs to state who the parties are who are entering into the agreement. A generic term for each party such as “Payor” or “Payee” may be used along with the proper names of parties. A valid contract also requires that all parties consent to the terms of the agreement. One party cannot force another party to sign a contract or make a verbal agreement against their will. A contract also requires consideration, or an object of value to be exchanged between the parties. Consideration can be currency, services, or products.
A contract should contain all essential terms and not be vague. The contract should also try to anticipate future changing relationships between the parties.
Hiring a business lawyer to assist you when drafting a contract can help you protect your legal rights. A contracts attorney can also explain the terms of the contract and how they may impact you.
A contract dispute between parties can slow business and reduce profits. If you have entered into a contract with another party and are having a disagreement regarding its terms, you should contact an experienced business litigation attorney who can review your contract and advise you of your legal rights and options. Don’t wait for the situation to escalate. Our knowledgeable Indianapolis business law contracts attorneys can help you in the early stages of a contract dispute to negotiate issues or litigate the issue if necessary.