Understanding the Basics of Consumer, Financial and Personal Injury Law

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Understanding the Basics of Consumer, Financial and Personal Injury Law

Up until nine months ago, I always considered myself above everyone else when it came to having good credit. I paid my bills on time and never went a day late on rent. I became the epitome of what a good consumer should be. But after losing my job after 12 years of faithfulness and hard work, my ego took a hit and so did my credit and finances. Humbled, broke and unable to pay my bills, I decided to file bankruptcy. I couldn't get a job right away and the only way to stay afloat was to start over. My bankruptcy attorney helped me do that. I started this blog to teach you how to come back from a financial and personal disaster with your life intact. I hope that you find the legal counsel you need to rebuild your life as well.

3 Mistakes To Avoid In Corporate Contracts

If you are entering the wonderful world of business contracts, it can be confusing and overwhelming at first. There are a lot of key elements that come into play that can either make you or break you as a business owner. One bad contract can ruin all of your hard work and effort that went into making your business what it is today. To make sure you don't end up losing out on everything that you have worked for, here are three mistakes you want to avoid when it comes to business contracts.

Forgoing having a contract.

One of the worst mistakes you can make is not even having a contract to begin with. Contracts are binding agreements. A contract is put into place to make sure that someone cannot simply change their mind at one point and not do what they said they were going to do. Contracts hold someone to their word. If an individual says they are going to deliver 50 packages of ravioli on Friday, the individual better make sure they do just that. Otherwise, they are in breach of their contract and could end up forefeiting payment on the order. A contract is going to hold the other party accountable.

Not knowing what items constitute contract breaches.

The next thing you want to make sure you have established is what items are considered a breach of contract. Consider things like a counterparty who doesn't pay, someone not delivering their product or service on time, poor quality and poor business relations. You want to plan those things ahead of time to make sure you have plan for when things aren't going well between the parties. By having the terms of breach outlined ahead of time, you can make sure everyone does their part to get the job done.

Not identifying a clear out for either party.

When dealing with contracts, you need to make the best judgement and make sure that there is a clear out identified somewhere in the terms of the contract. Whether it be that the other party can terminate the contract with a 30-day notice or the one wanting out has to pay a fee of $500 to the other party, you want to figure all of this out ahead of time to prevent any confusion.

By not making one of the mistakes above, you can make sure you don't end up jeopardizing your business dealings and costing yourself more money and time.


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