Whether you are drafting a contract with an intention to join forces with another company or small business, or you are creating an employment agreement for new hires, it is critical that your document is legally enforceable should something happen and you are forced to take legal action. You have spent endless hours building up your small business and it is important to protect it from a legal mistake. While there is no specific format that must be followed when creating your document, there are some critical parts of a contract that you will want to make sure are included.
A creative mind in Massachusetts may come up with a snappy phrase, a name, something that can be used as part of a product, only to run into a problem. It will take a while, perhaps months, to fully develop the product, but somebody comes up with the same idea and might beat the Boston entrepreneur to the punch. However, a creative person in this scenario can still trademark the phrase or name even though the product is not ready yet.
Operating a business in Massachusetts requires a lot of personal and professional strength and determination, but running your organization can be easier with a loyal partner sharing in the responsibilities with you. However, one risk of being part of such a relationship is the chance that you or your partner will disagree on how to do things and ultimately have to part ways. While this may not sound too serious at first thought, a crumbling partnership can put significant strain on company operations and in some cases be what forces a company to close indefinitely.
Boston companies who have contractual agreements with their business partners likely feel quite secure in the safety of those accords. They represent stability in that they have guaranteed work to do while those agreements are in place. Yet just how strong is a contract? The common school of thought is that a contracted partner cannot end such an agreement prematurely without cause. Otherwise, they would be in breach of contract and potentially subject to litigation.