Common Phrases in Contracts

Posted on : February 28, 2015

A business contract contains numerous common phrases that the courts recognize. However, people might not understand the legal jargon behind these clauses or how they apply to their business situation. Our Arlington contract attorney can provide further insight on the meanings of these terms.

Introduction to Common Contract Terms

For example, the merger and integration clause, sometimes called the entire agreement clause, means that all of the terms of the agreement are included in the contract. As such, oral and verbal promises might not be honored. Indemnification clauses limit your responsibility to pay for the mistakes of others, such as contractors and subcontractors. These benefits work both ways so that both parties are indemnified from each other. If you have questions on phrasing in a contract, call our Arlington contract attorney.

More Contract Terms Explained

In a business contract, some companies will use the term, “time is of the essence,” especially when delays can have a domino effect. For example, if a writer schedules a book tour based on dates provided by the publisher, a delay in the release of the book could upset the schedule of the entire tour. A severability clause means that the entire contract is not invalidated even if part of it is voided. In a similar manner, one party might knowingly permit the other party to break a term of the contract. A non-waiver clause states that the other provisions of the contract can still be enforced.

Both parties need to be careful when entering into a legal agreement and should understand the meaning of what they are signing. Our Arlington contract attorney can explain contract terms and walk clients through business negotiations. Contact Schleifman Law, PLC at (813) 655-3136 for help with your legal business needs.

 

Liability Concerns for LLCs

Posted on : February 8, 2015

For some entrepreneurs, a limited liability company or LLC is a marriage of the best of both worlds in business. The owners or members receive the tax benefits of owning their own company and are also afforded the protections of a corporation. However, some LLC owners believe that an LLC will completely protect them from creditors or lawsuits. In some cases, the claimant can still find ways to hold the owners responsible for the company’s financial obligations. Our Arlington business attorney can address these concerns with you and help protect your business and personal assets.

Conditions for LLC Liability

Although the laws differ from state to state, the owner is generally liable if he or she is the sole owner and in total control of the LLC. If the owner acted illegally or fraudulently related to the business, he or she might be found responsible. The claimant must have sustained a direct loss due to the owner’s actions. Situations when an owner could be vulnerable might include misrepresentations by the owner to a client, combined company and personal assets or failure to keep accurate business records. Our Arlington business lawyers can suggest ways to protect your LLC from claims. One of the key words in an LLC is the word “limited.” A business owner needs to be financially responsible or he or she could be open to a lawsuit. If you need additional information on the protections and responsibilities of an LLC, call our Arlington business attorney. You can reach Schleifman Law, PLC for help with your business concerns at (813) 655-3136.

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