Contract management services are vital to the success of your business. Commercial contract mistakes can create major issues and lead to litigation which can cost your company millions of dollars.
Our team of highly experienced corporate lawyers can help you at every stage of the process: contract negotiation, drafting, and review. Obligations are inevitable, but our goal is to ensure the web of agreements binding your company is livable.
What are the common contract issues?
One common issue is a lack of clarity. For example, if you sign a contract that says your company will complete certain work by a certain date, that contract should outline the full scope of the project, the completion milestones, the payment terms, and what might delay or stop the work. These should be clear-cut and easy to understand.
Another common contract issue is the failure to include clearly defined methods for dispute resolution. This can force a matter straight to litigation when it could have been handled by mediation or arbitration.
Sometimes companies have multiple contracts with the same party. When that happens, there needs to be clear language which outlines how all those contracts work together. Otherwise you can end up with some confusing situations in which none of the named parties fully understands what their real obligations are, especially if contracts contradict one another.
Another issue is the failure to limit liability. Contract breaches happen. Limitation of liability can help to keep expenses under control. Yet they can also keep you from recovering your damages should an especially egregious breach occur. You and your lawyer should carefully consider the pros and cons of any included liability limit clauses before proceeding.
What happens when someone breaks a contract?
In some instances curing the breach may be as simple as pointing it out to the other party and asking them to fix it. Most companies want to act in good faith.
Yet sometimes “good faith” is fuzzy. The other party may dispute the meaning of certain terms, or they may claim that their failure to meet certain obligations is covered by clauses in the contract. They may encounter a disaster or other issue which renders them physically incapable of fulfilling the contract, and may say that the contract terms allow them to drop their obligation in light of these circumstances.
Sometimes you will have to take the other party to court to get them to live up to their obligations. When that happens, you need excellent litigators on your side. Litigation can be expensive and unpredictable, so you want contract lawyers with a long track record of courtroom successes.
Why Merchant Law?
The team at Merchant Law has 20+ years of experience with contract negotiations and litigations. We’ve helped many Edmonton businesses survive and thrive through major contract disputes. We’re adept at anticipating problems and at ensuring most contracts never come into question.
Call (780) 474-7777 and set an appointment today to find out if we’re the right contract negotiation lawyers for you.