Your Legal Health Check-Up: Contracts
Updated: Aug 30, 2020
COMING SEPTEMBER 1st: A LOW-COST WAY TO IMPLEMENT CONTRACTS
ON SEPTEMBER 1ST, we’re launching the Trellis Template Library™ an innovative new way to offer affordable LLC operating agreements, basic legal documents, and more. In short, we got you! With downloadable templates, detailed instructions and easy fill-in-the blanks, DIY legal can be way less scary, and it’s a way for us to grow with your business because you’ve got big dreams, and we want to support them!
In the meantime, get those ducks in a row and assess your business’s legal pain points. We started with Entity Formations & Governing Agreements, then we talked about money, and now let’s talk Contracts.
Get it in Writing
Ask other business owners about the times they didn’t implement contracts, and you’ll likely hear a horror story or two (or two dozen). If you’re a service-based business (consultant, advisor, graphic designer, contractor, caterer, etc.) it is prudent to clarify expectations for the scope of work in a contract. This precautionary measure ensures both parties are on the same page from the beginning and provides a framework if there is a dispute.
Spelling out details such as the scope of work, payments, timelines, liability, termination, and intellectual property are crucial to avoiding scope creep (clients asking for multiple rounds of edits, or additional work without additional cost) and misunderstandings. This is especially true when it comes to detailing who owns any intellectual property created under the contract-which can be a common point of contention.
Even if you aren’t a service-based business, having terms in your invoicing to cover expected deliverables, payments, and cancellation policies are important to make sure you don’t lose money on the deal or incur liability risks.
GET YOUR FREE CLIENT CONTRACTS 101 RESOURCE
Sign up for our Resources Mailing List (on our home page) because this month’s resource is all about client contracts. We’re breaking down key terms, commonly negotiated provisions, and tips. Plus, you’ll be the first to know the details of our upcoming Trellis Template Library launch.
DISCLAIMER: This blog post is meant for informational purposes only and does not constitute specific legal advice or create an attorney-client relationship. Readers should discuss their specific situation with an attorney.