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Very few entrepreneurs can do it all alone. We work together, build relationships, come to agreements, and find mutually beneficial scenarios that allow us to pursue our goals and business dreams. To achieve this, we must come to agreements to work with one another, swearing upon our intentions to uphold our ends of a deal as we provide services and goods in business.
There are several different types of business contracts to consider. Not every type of business agreement will be suitable for your situation. To better comprehend how the different types of business agreements benefit you and your business, please get in touch with our law offices to schedule your in-depth case evaluation.
What is a Partnership Agreement?
A partnership agreement outlines the duties and responsibilities between two or more business partners. Per the terms of the agreement, the partners can understand their individual contractual obligations to the shared partnership. These terms will likely include the expected contribution of funds, planned interests in ownership, and a clause for the dissolution of the partnership.
What Are Sales Agreements?
Sales agreements govern the sales between companies for products and services, such as supplies, raw materials, and necessary equipment. A well-written sales contract will cover subject matter such as the price (and discounts for buying at larger volumes), return policies, terms of when payments are due, delivery terms, and any potential warranties.
What Are At-Will Employment Contracts?
Florida is an ‘at-will’ state (also known as a ‘right to work’ state). All employment contracts in Florida are considered at-will agreements by default. If another type of employment is in order, the contract must clarify this. An employee can be fired for any legal reason in an at-will state.
What Are Oral Employment Agreements?
Oral or spoken business agreements are employment contracts made via conversation compared to arrangements agreed upon on paper. The terms and provisions of oral agreements are difficult to prove in a court of law without evidence to support those terms.
What is an Indemnity Agreement?
Indemnity agreements are more common in high-risk businesses, such as those involving risking life and limb. But they are also fairly common in other business deals when one party seeks to avoid potential liability. Also known as a ‘hold hard clause,’ an indemnity agreement is a contract that asks one party to hold the other party ‘harmless’ if certain damages occur due to using the company’s products or services.
What is a Property and Equipment Lease?
Buying and owning every piece of equipment for your business is not always possible, especially for a start-up or small business. In cases where the equipment is needed in the short term or on a loan, you may wish to consider a property and equipment lease agreement. These contracts spell out the terms for a lease and grant your small business the ability to use the necessary equipment without needing to own it outright. A thorough property and equipment lease should detail the rental payments, ownership, responsibility of care, security deposit, and other elements.
What is a Nondisclosure Agreement?
A non-disclosure agreement (NDA) is a restrictive covenant that can be included in a business agreement. An NDA holds the signee to secrecy and confidentiality for a period of time or until they are released from the confidentiality agreement. Especially useful for protecting trade secrets from reaching competitors, NDAs are favored more by the company than they are by the employee. Other restrictive covenants to consider are non-compete clauses and non-solicitation agreements.
What Are Other Types of Contracts?
These have been but a few of the commonly seen business contracts utilized in Florida businesses.
Additional business contract possibilities include the following:
- Adhesion contracts.
- Contractor agreements.
- Cost-plus contracts, also known as time and materials (T&M) contracts.
- Fixed price contracts.
- Franchise agreements.
- Implied employment agreements.
- Joint venture agreements.
- Licensing contracts.
- Manufacturing contracts.
- Professional service agreements.
- Retainer agreements.
- Written employment agreements.
Contact Us for All of Your Business Contract Needs
Lankford Law Firm provides compassionate and dedicated legal representation to large and small businesses across Central Florida. Our law firm is smaller than others, but this allows us to be more efficient and personal with our clients. At Lankford Law Firm, we aim not to be a temporary legal representative, but your long-term legal partner. To learn more about our legal services, please get in touch with our Daytona Beach-based law offices at 850-888-8992.
