When entering into long-term vendor agreements, the focus shifts significantly toward nurturing and managing the ongoing relationship. These contracts are not merely transactional. They’re dynamic and require regular reviews and updates to adapt to the evolving needs of both parties. Here’s how businesses can effectively manage these longer commitments: Annual Review of Terms Long-term relationships benefit from Read More
Airtight Vendor & Service Agreements Part II: The Short-Term Scope
Vendor agreements establish the foundation of your business relationships and operations. These documents delineate financial transactions and set the stage for how services are rendered, define timelines, and detail how disputes will be resolved. In Part I of this series, we discussed the essential elements of vendor agreements; now, we will take a closer look at short-term considerations. Payment Read More
Airtight Vendor & Service Agreements Part I: The Essentials
Service agreements are the unsung heroes of the business world—they're the backbone of countless business operations, ensuring that everything runs as expected, from timelines to payments. Forget about the spotlight-stealing mergers and headline-making corporate scandals; it’s these everyday contracts that keep the gears of commerce smoothly turning. In this series, we’ll dissect these agreements, starting with the Read More
Part II: Avoiding the “Contract Killers”
Beyond the more technical advice we provide our clients on their various business and intellectual property needs, we also counsel them to beware of “contract killers” that often lurk beneath the surface of a deal. These “contract killers” can range from entire provisions to one-word expressions. Examples include: Bad choice of law and forum. What law applies? And, if you sue or get sued, where does a lawsuit Read More
Part I: Making your Contracts Pull Their Weight
Contracts are, in a word, expensive. You have to pay a lawyer to help you draft them, especially for more complex deals. Also, you have to dedicate the time and attention of your employees, customers, vendors, and other parties in negotiating, marking priorities, and dedicating internal resources to their performance. Because of this investment, each contract you enter into should be practical and Read More
