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Bad Contracts: What Could Possibly Go Wrong?

More often than not, parties will enter a contract on good terms, with the expectation that things will continue to run smoothly because they think they “get along” with the other party. If things continue to go well, that’s great. The more important question is, what if they don’t? What if things go wrong down […]

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Understanding Contracts: The Contractor and Subcontractor

Let’s face it: there comes a point when we realize we can’t do it all. Accordingly, many businesses hire contractors to perform services ranging from payroll, marketing, janitorial, or even tax preparation. Contracting for these operations enables businesses to focus on their core competencies rather than peripheral tasks that are not at the heart of […]

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Contract Tip: What is a Counterpart Clause?

Boilerplate contract terms are often overlooked, and in some cases, this can be dangerous. A counterpart clause is one such oft overlooked contract term. While I would hesitate to classify it as “dangerous,” understanding what the clause means and does is helpful in understanding your duties and obligations under the contract. The Counterpart Clause To […]

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Contract Tip: What is an Assignment Clause?

Let’s say that you are planning your wedding reception and you contracted with a particular ice sculptor because of his demonstrated ability to sculpt intricate, life-size ice replicas of the newlywedded couple. A resplendent hypothetical, of course. If that accomplished ice sculptor later wants to outsource his contractual responsibility to another ice sculptor—who does not […]

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Contract Tip: What is Force Majeure?

Contract law is rife with terms of art which can be very confusing to the average business owner. In our previous articles, we have tried to shed some light on terms like Consideration, Indemnity, and Merger. This article will address a term whose definition may not seem intuitive at all, Force Majeure. Hint: If the […]

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The Report Card for Businesses- What is a Certificate of Good Standing and How Do I Get Mine?

Certificate of Good Standing

No matter how old we get or how many businesses we own, we are never free of the dreaded “Report Cards” of life. As adult individuals we must concern ourselves with the data listed on our personal credit reports. As business owners and leaders, we must be aware of “Certificate of Good Standing”. For many […]

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Contract Tip: Top 6 Problems to Avoid in a Contract

No one likes to pay the lawyer, but it’s always good practice for a small business owner or leader to hire an attorney to review contracts before signing them. Even the most basic or simplest of services can turn into a debilitating debate or fight under the right circumstances. To illustrate why it’s critical to […]

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