Four Tips to Prevent Commercial Contract Disputes
No company wants to get stuck dealing with the time, cost, and stress of a contract dispute. While you cannot eliminate the risk, there are proactive steps that you can take that will dramatically reduce the odds of a disagreement over a commercial contract. At Pike & Lustig, LLP, we are committed to helping businesses and entrepreneurs prevent and resolve problems. In this article, our Miami business litigation attorneys offer four tips to prevent contract disputes.
- Build Relationships With Reliable Vendors and Suppliers
One of the best ways to avoid a breach of contract dispute is to work with reliable counterparties. Be sure to do your research on vendors and suppliers. By cultivating strong, reliable relationships with other companies, you can put yourself in the best position to prevent disputes. Your company should try to identify and engage with partners who have a proven track record of reliability.
- Use a Well-Drafted, Detail-Focused Written Contract
In Florida, an oral contract can often be enforceable. With that being said, businesses and organizations should rely on verbal agreements. All important contracts should be carefully drafted. Well-written contracts reduce the risk of serious disputes. Among other things, you should ensure that any contract that your company signs is comprehensive and that it clearly outlines the rights, responsibilities, and expectations of all parties involved. Be sure to pay special attention to clauses related to payment terms, delivery schedules, and dispute resolution procedures. A detail-focused contract can minimize ambiguity and provide a clear roadmap for the execution of the agreement.
- Carefully Document Everything Regarding the Relationship
How do you resolve conflicts over business disagreements? Documentation is key. Indeed, careful and thorough documentation throughout the course of a business relationship can be a lifesaver when disputes arise. Companies and organizations should keep detailed records of all communications, agreements, amendments, and transactions. Here are some specific strategies for documenting contract relationships:
- Save the contract;
- Document emails;
- Save and meeting notes; and
- Document decision-making processes.
- Address Any Issues at the Earliest Possible Level
Even when you do everything right, a dispute can still arise between businesses and their vendors/suppliers. A proactive approach is essential. Indeed, trying to address problems immediately is one of the keys to preventing a simple disagreement from escalating into a larger and more serious dispute. Companies in Florida should address any signs of disagreement or dissatisfaction immediately by engaging in open and honest communication with the other party. Early intervention not only allows for a more straightforward resolution, it may also preserve the business relationship.
Call Our Miami, FL Breach of Contract Attorney Today
At Pike & Lustig, LLP, our Florida commercial litigation attorney has the professional experience that you can trust. If you have any questions or concerns about preventing breach of contract disputes, we are here to help. Contact our firm today to set up your completely confidential initial appointment. Our firm handles business law matters throughout all of Southeast Florida.
