When it comes to contracts, you want to avoid disputes as much as possible. Most business owners understand how serious a contract dispute can be. Forbes lists a few ways to avoid a business dispute by including a few simple clauses in your business contract.
Every good business contract should have detailed information about the payment. If you require payment upfront, it is crucial that you insert this into the contract. You need to specify everything about the payment, in case it comes up as a dispute later on. If you have late fee clauses, include those also.
Many business owners forget to include anything about termination in the contract. Termination clauses provide the circumstances in which the project is terminated by either party and how that will impact any payment going forward. For instance, if you have a deposit and then your client cancels the project, you can insert into the contract that you can keep the deposit that he or she paid.
In every business related contract, you should consider your liability. If something happens and your client or business partner fires a lawsuit against you, then you need to know how to deal with the liability. Likewise, if someone sues your client, you need to ensure you are not liable.
If you are a business owner that provides a service, then you need to ensure that you sign contracts that spell out a number of specific details. What you may want to avoid, however, is singing ant non-compete clauses. These clauses can limit you when you move on and try to find new clients.