The Importance of Contracts
Contracts are without doubt, the most common exposure to law which people have on a day-to-day basis.
Simple transactions such as buying bread, milk or entering a parking lot commonly gives rise to a contract.
Contrary to popular belief, contracts do not have to be in writing to be valid and enforceable, however, it is much each to prove one that is.
There are circumstances in which a verbal contract should never be relied upon and for any commercial transactions, it is always recommended to have a formal written agreement constituting a contract between the parties to the agreement.
Whilst there may be costs and time associated with the preparation of a contract, particularly a detailed contract to evidence an agreement between two or more parties, at the end of the day, it is often found that the time and cost involved at the beginning of the matter will outweigh the detriment that could be sustained if the contract is not fulfilled by one or all parties.
The primary benefit of a written contract is that it clearly documents all the terms that have been agreed between the parties.
It outlines what every party’s obligation is and gives them a uniform document they may fall back upon or referred to in the event that there is a default or breach of the agreement by one or the other.
A contract is used to govern the interaction between the parties throughout the agreement and it is also an invaluable tool if one party needs to enforce its rights for a breach or default under that agreement.
At Spranklin McCartney Lawyers we have an extensive history in providing and drafting the Spokane custom contracts to a variety of individuals and businesses for a wide array of different transactions. Paragraph contracts which we have prepared include:
- subcontractor agreements;
- terms and conditions of trade;
- loan agreements and mortgages;
- option agreements;
- business sale contracts;
- the spoke special conditions for residential sale contracts; and
- client engagement agreements.
In addition to our experience in drafting the contractual agreements, we also bring a vast wealth of knowledge and experience to our clients during the negotiation phase of any contracts. It is important to ensure that all terms and negotiations are undertaken properly and accurately such that an accurate contract may then be prepared based upon those negotiations.
If you or your business need a contract we have that you do not hesitate to contact our office as we always happy to chat with you to see how we can assist you will your business.