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How To Negotiate or Write Contracts To Protect Your Business

Offer Valid: 05/26/2022 - 05/31/2024

Contracts are agreements between two parties. You can use them in your business to protect the company and resolve disputes. There is no guarantee to avoid lawsuits, but having a signed contract is a layer of protection. Sometimes you can negotiate better terms in another party’s contract, and other times you may want to write your own from scratch.

Negotiating a Contract

Sometimes a counterparty has a ready-made contract for you to sign. Until it’s signed, a contract can always be changed. There are a few steps to take when you negotiate a contract so that it benefits your business.

  • Research. Figure out what the other party wants in advance. Learn what their priorities are. Consult lawyers on contract law.

  • Prepare. Anticipate what the other party will bring up at the meeting. Be able to answer questions or address concerns.

  • Prioritize. Write down what's most important for your company, what you’re trying to get out of the discussion, and what your ultimate goals are.

  • Ask questions. Try to understand the other party’s concerns and come to an agreement that benefits both parties.

  • Take your time. Don’t expect to reach a mutual agreement right away, and don’t rush things.

Creating Your Contracts

You can always write a contract. Just make sure to run it by your lawyer before using it as a legal document.

There are a few things the document should have:

  • Names of all parties. Specify the names, addresses, and contact information of all parties.

  • Dollar figures. Be precise when calculating the exact values involved in the agreement, such as rents due or the price of goods or services.

  • Rights. Outline everything you reserve the right to do, such as sue for breach of contract in your local jurisdiction.

  • Obligations. Include everything you’re obligated to do and everything the other party is obligated to do, such as delivering a product or service and paying on time.

  • Termination clause. Make sure everyone knows when the agreement ends — for instance after service was completed or after an amount of time has passed.

  • Disputes. How and where are disputes going to be resolved? You may want to put in an arbitration clause to try to avoid going to court.

  • Other clauses. Include anything else your lawyer recommends for maximum protection.

Helpful Tools

Some tools can help you to create the contract document. For instance,  a free online tool to extract PDF pages can present, edit, and modify a contract document. If you want to reuse parts of a contract in a new one, the editor can let you select and extract specific sections of the PDF to export as a whole new document. To do that, simply select the relevant pages, and export them to form a new contract.

Contracts Are Important

Strong, well-researched, and well-written contracts are essential to your success in business. They protect you, your company, and your company’s assets if disagreements arise. You can negotiate a contract or write one on your own. For more information on more business matters about contracts or beyond, visit and join your local chamber of commerce today.


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