The course of day-to-day functioning of business involves dozens of contractual agreements and legal issues to be dealt with. Crucial aspects including non-disclosure agreements, payment terms, sales, marketing and liability limitations need proper attention for carrying out smooth business operations. This area of legal practice also includes license and franchise agreements, especially for business leaders who need to develop and license or sell a saleable concept to franchisors on national, regional or local basis. Thus, it becomes significant for the business owners to get in touch with a skillful lawyer who is equipped with all the jargons and methodologies of this legal area.
Importance of Proper Track of Business Transactions
Having all the business transactions properly recorded helps in operating the business systematically. This will leave no area for guesswork on different crucial issues including scope of work, payment terms and intellectual property. Needless to say, without accurate business transaction agreements, an organization might get inadequately compensated for their work. They might even face litigation which, can be easily avoided by using a well-defined, clear contract. A reputed Business Transaction Lawyer in New York is expected to have rich experience across all the legal areas of business transactions including:
• Financial: Payment terms, Sales and Marketing terms, Invoicing, Right to stop work, Cancellation fees and Expense reimbursement.
• Agreements: Consulting, Scope of work, Professional services, Independent contractor, Dispute resolution, Work for hire, Coaching/speaking/training, Commercial leases for office space and professional services.
• Protection: Intellectual property, Confidentiality, Liability limitations, Indemnification, Non-solicitation and Trademark licensing.
Often many entrepreneurs avoid the idea of consulting an attorney because of their frightening visions of hefty legal expenses. However, without proper legal representation, the company might need to incur huge costs in the long run. Thus, consulting a lawyer is of sheer wisdom to run a business successfully.