Introduction to Business Contract Terms 101
At Kendrick Law Practice, we pride ourselves on educating business owners and making sure that our clients are a part of the process of creating their document. We want an educated clientele that asks questions and gets answers so there is total understanding and knowledge of our work and the value of our work product.
This blog seeks to give you a breakdown of the ten (10) most common business contract terms. There are others, in different varieties, shapes and sizes, but these are some that you can almost find in any contract and that have special legal meaning and significance that you should know about as a business owner.
Ten Contract Terms
- Arbitration Clauses
- “Time is of the Essence”
- Merger/Integration Clause
- Indemnification Clause
- Subrogation Clause
- Warranties & Representations
- Covenants not to Compete
- Damages, specifically liquidated damages
- Forum Selection Clauses
10. Guaranty/Surety Clause
For the next few months, I will be going into detail over each one of these provisions. Feel free to leave a comment or ask a question. In the meantime, remember my 10 business tips that can be found at: http://wp.me/p1JRPo-11 (Part 1) and http://wp.me/p1JRPo-17 (Part 2).
DISCUSSION QUESTION: Are there any provisions that you would like me to discuss that is NOT listed?
Why Kendrick Law Practice?- We SAVE you money by:
- Providing access to comprehensive legal AND business advice and consulting, creating value for
your company’s investment in us.
KLP’s Founder, Dar’shun Kendrick, holds a law degree and Master’s in Business
- Providing security through our three (3) point guarantee:
- “24 hour guarantee”- You will receive a phone call from an attorney within 24 business hours of submission your information through our website;
- “72 hour guarantee”- You will receive your document drafted or reviewed within 72 business hours after payment (or it’s FREE!) and
- “Dispute guarantee”- KLP will negotiate the terms of any document that we drafted or reviewed FOR FREE should a dispute arise (*Does NOT include litigation costs.).
- Providing predictability through our FLAT FEE pricing on most of our services. You know EXACTLY what you are paying for a completed document.