Legalities Contracts -- The Not So Fun Stuff
Below is a MRR and PLR article in category Reference Education -> subcategory Legal.
Legalities & Contracts: Handling the Not-So-Fun Stuff
Summary
When running a small or home-based business, having solid contracts and handling legal matters correctly is crucial.
Keywords
contracts, Virtual Assistant, VA, small business, home-based business, legal issues, contract essentials, self-employment, business fundamentals
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This past year has been a valuable learning experience regarding the legalities of business management. In 2005, I marked two decades in business, and while I believed I was diligent with legal matters, this year taught me the true significance of protecting my business with effective contracts. It became clear that I needed to treat everything with a business mindset.
The Importance of Contracts
Contracts are vital. I always advise, "Get client contracts signed before starting any work." I practice this 98% of the time, but it's the remaining 2% that taught me a lesson this year. A client insisted on seeing the work before signing, which resulted in attorney fees and exhausting hours. Remember, once a client has your work, they hold the advantage. Avoid this by having your contract signed, sealed, and delivered before you begin. Fortunately, I did eventually secure a contract, but the frustration was unnecessary.
Handling Unexpected Situations
Signing a contract only to later realize the project's scope has changed can be daunting. Are you adequately prepared for unexpected scenarios? Contracts might seem like routine paperwork, but when issues arise, they quickly become your best ally.
Crafting an Effective Contract
I start by researching and drafting the initial contract using resources like Nolo.com, Google, books, and forums. Thorough research helps anticipate potential future challenges. While not wanting to seem pessimistic, planning for worst-case scenarios ensures you’re well-protected.
However, be concise?"overly elaborate contracts can obscure the important points. I recently reviewed a 15-page contract filled with repetitive legal jargon, making it ineffective. Ensure your key points are clear and understandable.
Whenever possible, have an attorney review your contracts and legal documents. This may incur costs, but it's a worthwhile investment for peace of mind.
Conclusion
With robust contracts in place, you’ll secure your business and focus on what you do best: growing and making money.
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