The Perils of Gentleman’s Agreements: Why Formal Contracts Matter in Business
In the world of business, formal agreements are often overlooked, particularly when dealing with friends, family, or long-standing business associates. Many people rely on informal understandings, or so-called “gentleman’s agreements” based on mutual trust. While these handshake deals may seem convenient and avoid potential awkwardness, they often lead to complex, costly, and lengthy disputes when […]
The Importance of Regularly Reviewing and Updating Policies and Procedures
In any business (no matter the size), policies and procedures are essential to have in place to ensure smooth operations, compliance with legal standards, and alignment with your key goals. These documents serve as a roadmap, guiding employees in their daily tasks and decision-making processes. However, the dynamic and fast moving nature of business environments […]
Why a Properly Drafted Partnership Agreement is Crucial For Your Businesses Success
Starting a business with friends can be an exciting venture. You share a common vision, and there is often a sense of trust and mutual respect. However, when it comes to setting up a business partnership, it’s essential to take the necessary legal steps to ensure that everyone is on the same page. One mistake […]
The Power of a Good Contract: Understanding the Basics
As a business owner, you are aware that contracts are essential to safeguarding your interests and ensuring favourable results. Nevertheless, what precisely is a contract and why are they so crucial? The fundamentals of contracts, including what they are, how they are created, and the protections they can provide to business owners, will be covered […]
