Contract Law
Contracts and contract law play a very big part in the running of a business and in many areas of everyday life; even buying a loaf of bread from a supermarket involves elements of contract law.
Defining what exactly a contract is and explaining it can be difficult so contract law can be complex. A contract (in relation to business) is defined by the dictionary as:
- A written or spoken agreement intended to be enforceable by law
- To enter into a formal and legally binding agreement
- Becoming liable to pay (a debt)
Contract law in very simple terms could be viewed as the following; enforcement of promises, enabling transactions of goods, products, services or money and a form of regulation in the provision of goods and/or services.
BRM Solicitors can help with virtually any contract that you require drafting. With contracts forming a part of every day life, the reasons for needing them can be vast, ranging from simple debt contracts to complicated share purchase contracts. Some of the most common contracts that BRM deal with are listed below.
Terms and Conditions
Every business needs terms and conditions, be it a supplier or a purchaser, a hairdressers to a multi million pound business. We can draft terms and conditions from scratch and ensure that they are specific to your business or we can review your current terms of trading to ensure that they are in line with current laws and are suitable for the business you carry on.
BRM also offer specialist advice on how to ensure that your terms and conditions are incorporated into the contract that they are setting the terms for. Many businesses assume that their terms and conditions apply to the transaction, but if they are not incorporated they may not.
Loan Agreements
Have you ever lent anyone money? Have you ever lent a company a substantial amount of money? If so you should have entered into a loan agreement to ensure that the position of the parties are protected. Borrowers and lenders alike will want to ensure that the terms of the transaction are documented and a loan agreement will do this.
BRM Solicitors are specialised in drafting Loan Agreements and all ancillary documentation. Sometimes you may want a straightforward loan agreement, other times you may wish to secure this by entering into a debenture. If you lend money to a company, this will need to be registered at Companies House, and if you are the company, your board minutes will need to reflect the transaction and shareholders resolutions may need to be passed.
Distribution Agreements
Our corporate solicitors have drafted many distribution agreements over the years, be it from the distributor’s point of view or the brand owner’s point of view.
Skilled contract solicitors are needed to ensure that your distribution agreements are within the EU Competition Law. There are various terms of common agreements that fall foul of these laws and a solicitor’s job is to warn clients of such terms and amend the agreements to ensure that the terms are in your best interests.
Confidentiality Agreements
Sometimes you may have commercially sensitive information which cannot be protected by intellectual property rights alone. We can draft confidentiality agreements, for standalone documents or to be part of a bigger transaction such as a business or share sale.
You may enter into confidentiality agreements, when for example you are looking for investors, a business purchaser or for a host of other reasons. You will want to ensure that your data and information is protected before the transaction is completed to ensure that they cannot use such information, which a confidentiality agreement will do.
