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What are the most common types of contracts that businesses use in Nashville?

Nashville, TN – An essential part of doing business is having an agreement formalized in writing. This can help provide evidence of the parties expectations, as well as outline what was expected from each side in case of a dispute at a later time. Lawsuits for breach of contract are very common in the business world, so it is important for the company to prepare for potential litigation with professionally drafted contracts. 

Commercial leases

Any business that needs to operate in a physical space will likely need some kind of lease agreement. Commercial leases tend to be different from standard residential leases in a number of ways. The term may cover multiple years or months at once, and the business will be required to make regular payments and meet certain other conditions to continue to lease and use the property

Sales and purchase agreements

Most businesses will sell or buy products through an agreement. While things like verbal agreements and industry custom may be used as evidence if there is a dispute, it is best to have these kinds of agreements formalized in writing with concrete terms. Simple agreements may include a bill of sale for products transferred from the seller to the buyer that acts like a receipt for a transaction. More complex contracts are installment contracts where sales happen at certain intervals or when other conditions are met such as inventory being exhausted. 

Employment contracts

Every business that hires employees should have some kind of formal contract with each one of them. This should outline things like their job duties, conditions for continued employment, company policies, and information about non-disclosure and trade secrets if applicable. Breach of terms of the contract may be grounds for various disciplinary measures, including termination of the worker’s position.  

Damages for breach of contract 

A party who does not fulfill their end of a contract may be forced to pay for various kinds of losses. This can include damages related to the value of the deal that are meant to compensate the other side for their projected losses. There can also be liquidated damages that are mentioned in the contract as a remedy for violating its terms. In some cases, the court may decide to rescind the contract altogether if there are problems with enforcement or damages would not be an appropriate remedy. 

Help from a business lawyer in Tennessee

The Law Office of George R. Fusner is a firm that works with local clients who have business issues in Nashville and nearby parts of Tennessee. Their attorneys are available to meet with anyone who has concerns about running or starting a business.

Firm contact info:

The Law Office of George R. Fusner

7104 Peach Court, Brentwood TN 37027

615-251-0005

gfusnerlaw.com

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