All businesses enter into contracts all the time. These contracts may not be custom drafted by a solicitor, they may not even be written down. However, should you form a written or oral agreement with another party, be it a customer, supplier or anyone else a contract is likely to have been formed and this contract is likely to be legitimate and effective.
Some agreements are crucial to the proper functioning and success of the business and such contracts should be recorded in writing and signed by the parties involved. A written contract provides certainty over the content of the agreement between the parties, it can allocate the risks involved between the parties, set out payment terms and delivery dates and agree on the consequences should these terms not be met.
Question 2, "What contracts does my business need?" provides further advice on the more important contracts that business should focus upon.
04 Feb 2019
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