The Law Office of Andrew M. Lamkin, P.C. can help aspiring or current business owners who need the legal counsel of an experienced LI (Long Island), NY business lawyer. I understand the issues that small businesses often face at start-up, each day, and when a major change must happen to the business itself. No matter if you have a start-up business or a corporation that is worth millions of dollars, you can feel confident when I am in your corner.
The Importance of an Enforceable Business Contract
One of the services I offer is negotiating and drafting contracts, which includes commercial leases, bills of sale, partnership agreements, employment agreements, buy-sell agreements, operating agreements, and even shareholder agreements. These documents play a crucial role in protecting your business, as well as your interests. It is important to understand that in order for an agreement to be a legal and valid contract, it has to meet specific requirements. Some of the elements it most possess include:
- Understanding: Any mistakes or confusion related to the terms of the particular agreement may make it unenforceable.
- Specificity: It is also necessary for the contract to cover all essential terms that were negotiated by the involved parties. This may include amounts, timing, payment, cost, and conditions. All key terms in the contract need to be defined, since vague contracts or ones that are difficult to interpret or understand may not be able to be enforced.
- Capacity: Each of the involved parties need to have the capacity to fully understand the agreement’s consequences. This can be questioned if entering into a contract with minors or seniors, or those who are suffering from some type of metal impairment that results from alcohol, drugs, or some other serious illness. Contracts that a person has been coerced to sign may not be able to be enforced.
- Consideration: Consideration is providing an item of value for another item of value. For example, employees can promise a number of tasks for a job and be given an agreed-upon salary.
Many people may be tempted to create a contract without first contacting a business lawyer in Long Island; however, any mistakes or errors that are made can lead to a number of consequences. When you have the contracts drafted or reviewed by an attorney, it can save you both money and time.
Resolve Disputes – Avoid Litigation
When you contact me for a contract issue, I will work diligently to protect your rights. Some of the types of cases that I regularly handle include: contract breaches, disputes related to a franchise, various types of insurance claims, stockholder disputes, cases that involve intellectual property, and ownership disagreements. I will work to help you determine if there is some better option than going to court, such as participating in arbitration or mediation. In a number of cases, an agreement that has been made between parties might require you to go this route prior to actually going to court.
During mediation, there will be a neutral third party that will help to begin the negotiation process between the involved parties, helping them find a way to resolve the problems that are outlined in the dispute. Just like any other court case, the final decision that is made during the actual mediation process is legal and completely binding. However, both mediation and arbitration are less expensive and faster than litigation.
In some circumstances, however, litigation is necessary. During litigation, both of the parties will go through four steps which include pleading, discovery, the trial, and appeal, if necessary. If the involved parties make the decision to settle their dispute after the litigation process has begun, then this can occur at any time. In fact, many business disagreements are settled prior to trial.
Contact an Experienced Long Island Business Lawyer Today!
No matter if you are involved in an issue with shareholders, or have a startup business that is facing a breach of contract, my services and commitment can be extremely beneficial. I provide you with a knowledgeable voice that will help to ensure that your situation is handled in your best interest.
The Law Office of Andrew M. Lamkin, P.C. is here for you. I care about your success and firmly believe that in order for your small business to thrive, it is important to closely work with a legal professional who understands your needs and who views your success as my own. Call me today at (516) 605-0625 to receive a free consultation and learn more about how I can help to make your business everything you have dreamed it will be.