Many Illinois business owners may rely on oral or implied arrangements when making deals with others. These business owners may think written business contracts are unnecessary or show a lack of trust. However, these contracts play an essential role in protecting the interests of a business. Written contracts clarify any confusion between both parties. They also act as binding proof of the agreement in the event that one party violates it. Business owners should always draw up written … [Read more...]
Settling a business dispute without litigation
Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. These disagreements can arise over employment contracts, differing views held by company owners, agreements made with suppliers or simple misunderstandings. Costs of litigation When disputes arise, it is usually in everyone’s interest to avoid litigation. This is because lawsuits tend to be long, drawn out and, most … [Read more...]