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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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What is a Business Succession Plan?

Business Succession Planning

The unthinkable has happened.   On the way home after work, a business owner was involved in a tragic accident and did not survive.  The next day over at the workplace, business has come to a standstill.  No one knows how to access the files that reflect the status of work in progress.  No one has […]

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What is a Certificate of Good Standing?

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 in Contracts

No one likes to pay a 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. There are many problems in contracts, […]

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The “Simple Contract”

If I earned a nickel every time someone asked me to provide a “simple contract,” I would be a rich man indeed. The problem is, when most people think of “simple contract,” they think a short, one-or-two page document, that protects their interests, without getting them into trouble, and without having to spend any time […]

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The Contract: Details are Important

Let’s say your business is expanding quickly and you are looking to hire a new employee. You are busy managing the day-to-day, so you don’t really have time to interview. You decide your best option is to hire someone from a temp agency. You contact an agency, and the contract they give you says that […]

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What is Consideration in Contract Law?

In previous blog articles, we talked about Exceptions That Can Void A Contract and How to Get Out of a Contract. Both of these articles touch on a very important aspect of contract law that is often overlooked by small business owners: Consideration. Definition Consideration under contract law is defined as a bargained for exchange […]

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Contract Tip: What is a Merger Clause?

In General, it’s Not Enforceable Unless it’s in the Contract A merger clause, also known as an integration clause, is a common contract provision. The clause provides that the written contract is the final and complete agreement and any prior or contemporaneous agreements between the parties is superseded by the written contract. Simply put, the […]

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