Business-to-business engagements deserve a lot of attention because they involve thousands of dollars in investments. Minor additions or omissions can bear serious consequences that can make or break your business. You are highly likely to overlook some mistakes out of the excitement that comes with new business possibilities.

Whether you are working with a two-paged or an enormous binder-sized document, a Daytona Beach small business lawyer can easily spot errors in any contract and advise on rectifying them. A solid business-to-business (B2B) agreement should grow your business exponentially without the risks of lawsuits and other legal troubles.

What Types of Agreements Can a Business Enter into with Other Businesses?

As an entrepreneur, you will need to enter into several contracts at the beginning of your business and at the various stages of its operation. It is beneficial for you to consult with a Daytona Beach Business Contract Lawyer to assist with a range of business contract needs.

Depending on the nature of your trade, you may enter into the following agreements:

  • Mortgages & securities agreements
  • Promissory notes
  • License agreements
  • Franchise agreements
  • Exclusive supply agreements
  • Supply agreements
  • Sales agreements
  • Exclusive sale agreement
  • Subcontractor agreements
  • Non-compete agreements
  • Linking agreements
  • Loan agreements
  • Master equipment lease agreements
  • Finders’ fees agreement
  • License agreements
  • Electronic data interchange (EDI) agreements
  • Indemnification agreements
  • Consulting agreements
  • Non-disclosure agreements
  • Confidentiality agreements
  • Independent contractor agreements
  • Employment agreements
  • Management agreements

What Are the Elements of a Solid Business Contract?

There’s nothing more devastating to a business owner than entering into an ambiguous contract that makes it difficult to enforce your rights. It is impossible to make such mistakes if you ask an experienced Daytona Beach business contract lawyer to go through the document before appending your signature on it.

Alternatively, you can ask them to help with the drafting of the agreement altogether. The complexity depends on the size of your business and the nature of trade you engage in. But a solid business-to-business agreement should have:

  • Names of the parties to the contracts
  • Description of the purpose of the contract
  • The specifics of the obligations and rights of the parties in the contract
  • Terms of the contract
  • Default and cure
  • Notice provisions
  • Attorney fees provision

Are Oral Business-to-Business Agreements a Good Idea in Florida?

Similar to written agreements, oral agreements can be legally binding in Florida. Either party has to prove that they entered into the verbal agreement and that all the elements are in place.

It will only be valid if there was:

  • An offer
  • An acceptance to the offer
  • A consideration in the form of money, or services or goods that have value

    • Sometimes, all the elements of a binding verbal agreement might be in place, but certain circumstances can render it unenforceable. Consider your verbal contract void if:

  • The goods you contracted for are illegal or impossible
  • You entered into the agreement with a minor
  • One of the parties did not have the mental capacity to enter into the contract

    • It is also necessary to note that you cannot enter verbal contracts in certain situations. Some agreements in Florida must be in writing, and you can ask your Daytona Beach business contract lawyer if your specific agreement has this requirement. Written contracts are usually mandatory for:

    • Contracts that cannot be performed in a year or less
    • Real estate contracts
    • Contracts for newspaper subscriptions
    • Guarantee, warranty, or assurance of healthcare

    Is It Easy to Enforce a Verbal Contract?

    The truth is, enforcing an oral agreement will not be as easy as it would be if the terms were in writing. Notably, it can be challenging to fight for your rights in court if it is a situation of your words against the other party’s argument.

    A court battle might be easier if you have proof of payment or you can prove that you have performed your obligation as per the contract. You can also use written communication that references the oral agreement or witnesses to the agreement to have it enforced.

    Remember that enforcing the oral agreement in Daytona Beach is subject to a statute of limitations. The lawsuit needs to be filed within four years, and in some instances, you may have as little as one year to file. So, if the other business has committed a breach of your verbal contract, a Central Florida business contract lawyer can tell you exactly how much time you have left.

    Why Is a Business Lawyer Necessary in Creating a Solid Agreement?

    When the other party’s attorney formulates the terms of the contract, they are usually looking out for their client’s interests. A healthy agreement is one where both businesses benefit in equal measure. And only you can understand your business’ needs and what you aim at achieving by collaborating with other companies.

    Terms commonly used in contracts – like default, court costs, consequential damages, special damages, and liquidated damages – are legal terms that are generally not understood by non-lawyers. Remember that the real meaning in law might be different from the layperson’s understanding of the words.

    Failure to understand the technical terms can affect you in the event of a breach of contract. The damages could be too punitive for you, or the remedies too lenient for the other business. Thus, the role of the business contract attorney in Florida is to read and identify clauses that may not benefit your company and ask for modifications in your favor.

    A Business Lawyer Helping Businesses with Their Everyday Needs

    Creating solid business-to-business agreements is easier when you know the mistakes you ought to avoid. A good contract uses clear, unambiguous terms and is easily enforceable in case of a breach. The process becomes easier to navigate with the guidance of experienced business lawyers in Central Florida.

    At Lankford Law Firm, we help businesses in Seminole, Orange, Flagler, Brevard, and Volusia counties handle B2B contracts. Our clients enjoy the confidential, friendly, and comfortable setting during appointments. Dial (850) 264-7004 today to begin business-legal consultations with a dedicated and experienced business partner in Central Florida.