A contract is more than words on a page; it’s the foundation of your business dealings. But contract law can be tricky. Even one ambiguous clause or missing punctuation mark can lead to legal headaches.
That’s where our experienced Evergreen contract lawyers come in. We can review and negotiate contracts on your behalf and confidently advise you in this complex area of the law.
Contact the Lantz Law Group today at 720-571-8620 to learn more about our contract services.
Colorado Contract Law
It’s beneficial for business owners to understand the basics of contract law so they understand what they’re agreeing to when they sign a deal. Here are the elements of a contract:
Formation and Acceptance
A contract is established through the presentation and acceptance of a definite offer by one party and acceptance by another. The contract becomes legally binding when there is an exchange of something valuable, be it goods, services, or a commitment to perform a certain act. Both parties must possess the capacity to enter into a contract, have sound mental faculties and be free of undue influence.
Terms
The terms of a contract should be unambiguous, concise, and comprehensive to prevent any potential misinterpretations. Any attempt to conceal information or include fraudulent terms may lead to the contract being rendered voidable, so honesty from both parties is imperative.
Performance and Breach
The contract outlines the obligations each party must fulfill. If one party fails to carry out their responsibilities, they have breached the contract. Breaching a contract can have severe financial and reputational consequences.
Oral vs. Written Contracts in Colorado
Colorado recognizes both written and oral contracts. Both are enforceable, but it’s harder to prove the existence of a verbal agreements. Certain agreements must be in writing to be enforceable. Under C.R.S. 38-10-112, you must have contracts in writing for:
1. Every agreement that, by its terms, cannot be performed within one year of its making,
2. Every special promise to answer for the debt, default, or miscarriage of another person,
3. Every agreement, promise, or undertaking made upon consideration of marriage, except mutual promises to marry
Types of Contracts We Handle
Our business contract lawyers in Evergreen can help with:
- Contract drafting, review, and negotiation
- Lease agreements
- Employment agreements
- Consulting agreements
- Shareholder and buy-sell agreements
- Licensing
- Non-disclosure agreements
- Vendor and supplier agreements
- Buying and selling of businesses or assets
- Purchase or redemption of shareholder or member interest
- Commercial transactions
- Website terms and conditions and privacy policies
- Exit strategies
How a Contract Lawyer in Evergreen Can Help
Working with a contract lawyer is an important step in planning for your business’s future. A well-crafted contract can reduce your risk of legal troubles and clear a path to successful partnerships. Our attorneys provide contract services including:
Contract Drafting
Contract lawyers create agreements that advance your interests and proactively address future complications. They use precise language to eliminate ambiguity that might pose risks in the future. Additionally, they can identify potential risks, anticipate pitfalls, and incorporate clauses to effectively mitigate them.
Review and Negotiation
Once your attorney understands your business goals, they can champion your cause during negotiations to reach favorable contract terms that align with your objectives. They will identify clauses that present risk and rectify them to protect your interests. Given the often intricate legal language of contracts, your lawyer will communicate with clarity to explain the technicalities and terms outlined in the document.
Compliance
Contracts should be tailored to your industry and not only meet your business needs, but also adhere to all relevant laws and regulations governing your operations. A contract lawyer familiar with Colorado law and industry-specific requirements can assist in crafting a contract that complies with these standards. Your lawyer should regularly monitor legal updates and changes that may impact your agreements, making changes as needed.
Additionally, an attorney can provide training to ensure your team adheres to compliance guidelines. Since compliance is an ongoing process, they can aid in designing protocols and reporting systems to monitor your team’s adherence.
Dispute Resolution
The help of a contract lawyer in Evergreen minimizes the likelihood of contract-related issues, but can prove invaluable if disputes arise. They can delve into the contract’s language, dissecting each clause, pinpointing the core issue, and identifying the clearest path to resolution.
Negotiation and mediation offer a chance to resolve the dispute efficiently, but litigation may be necessary in some cases. If it does, your attorney will build a strong case, prepare you for proceedings, and fight for a favorable outcome in your interests.
Business Contract FAQs
We know contracts can be confusing, so we’ve compiled the answers to some of our most common questions:
Why is it important to have a well-drafted contract?
A well-crafted crafted contract helps prevent misunderstandings, disputes, and potential legal issues. It provides a solid framework for parties involved, protects your interests, and contributes to smooth business transactions. Ultimately, a strong contract can foster trust and provide clarity for all parties.
What are the legal ramifications of breaching a contract?
Breach of contract can trigger several consequences, including the termination of the agreement. You could be ordered to pay the other party financial compensation for damages and be compelled to carry out obligations of the contract. some cases, you could face court-ordered specific injunctions. All of these consequences could seriously damage your reputation. Consult with a lawyer to understand the potential risks and consequences you face if a contract breach occurs.
What are some common pitfalls in contracts, and how can they be avoided?
Common points of contention in business contracts include unclear or ambiguous language, insufficiently defined terms, and failure to address dispute resolution mechanisms. To avoid these issues, work with an attorney to ensure all terms are clear and identify and proactively address potential risks. You should also clearly plan for how disputes will be resolved.
“Eric set up my terms and conditions for my travel agency...
and helped me write up all my contracts. He is communicative, patient, extremely knowledgeable and my go-to attorney for anything my business needs. I highly recommend Lantz Law Group!
Michele Friedmann
Call our Evergreen Business Contract Lawyers Today
Contracts can save you time, money, and stress if they’re well done from the outset. The Evergreen business lawyers of the Lantz Law Group understand this and can help you with all your contract needs.
Call 720-571-8620 or contact us to schedule an initial consultation.