New Jersey business owners like you, especially those who have smaller sized businesses, likely have some concerns about contracts. After all, it only takes a little bit of time in the industry to see that contract disputes can be time-consuming and extremely costly. So how can you avoid them?
As a New Jersey business owner, you likely deal with contracts on a daily basis. You deal with your customers, your suppliers, your distributors, even your landlord by means of contracts.
It is not uncommon for companies in New Jersey to find themselves in a position where they must share sensitive business information with third parties. These third parties might be distributors, suppliers, partners, vendors and even employees. In some cases, if the information sharing is not allowed, essential business functions may suffer. In order to facilitate these functions while still protecting companies, nondisclosure agreements are commonly created.
If you own or manage any critical function of a business in New Jersey, you are likely to be in a situation in which you must disclose sensitive information to a third party in order to properly get business done. Before you do this or before you choose simply to not proceed at all for fear of what might happen to your information, you should know that there is a special type of contract designed to protect businesses in situations just like this. It is called a confidentiality agreement or a nondisclosure agreement.
As a New Jersey business owner, chances are, you have a firm understanding of the value of finding and retaining good employees, and the first step in setting yourself up for success while protecting your workers and business involves creating a solid employment contract. At Nicoll Davis & Spinella LLP, we recognize that a carefully crafted employment contract can help you avoid problems and potential legal disputes before they arise, and we have helped many business owners facing similar circumstances take preventative measures to protect their interests.
As a business owner in New Jersey, you're likely going to be dealing with a lot of individual contracts. Having solid contracts is important for many reasons. One of these reasons is that it will allow you to lower your chances of having a contract dispute.
Many residents in New Jersey develop innovative ideas for new businesses but realize they may be best served by having a partner to get their new company off the ground and on the road to success. Finding a good business partner is an art unto itself and can be as much about finding the right partner for a given business and person as anything. What makes someone a good business partner for one entrepreneur can differ for another.
Most would likely advise that any business transactions conducted in Paramus be handled professionally. For many, "professionally" likely means through negotiation, in writing and (if necessary) with the added assistance of legal counsel. However, due to the unique nature of your business (or your own personal beliefs and values), you still might see the value in a handshake agreement. While such trust between business partners may help to build brand loyalty, it can also be a source of stress if issues ever arise in your attempts to enforce your agreements.
Working with government partners in Paramus offers you and your company a certain sense of stability. Such agencies can often be more reliable than private organizations in meeting contractual terms. However, they are also afforded more rights when it comes to getting out of professional agreements. One of those is the ability to terminate a contract "for convenience."
In order to successfully conduct business, a company in New Jersey may well have to share confidential information with other parties at times. In order to feel confident doing this, they may find it important to enter into a special type of contract using what is called either a non-disclosure agreement or a confidentiality agreement.