Thread: What are Business Contracts?

Business contracts are simply legal documents between two separate parties when some type of transaction or action is concerned. They help safeguard both sides of the contract by ensuring that the offered action is what is expected by the party being offered it. There are many different circumstances when these legal contracts should be used, and when they are, there are specific sections that need to be included. Legal counsel should always be consulted because different areas of the world have different legal requirements. Since each specific industry has different products or services, local regulations should be followed even though one contract may be different from another within the same type of industry.
Many circumstances will require that business contracts be drawn up. When hiring a person or company as an independent contractor, a legal contract should be drawn up. Partnerships within a business also require one to be signed, as well as when a company offers items on credit to another company. Another specific condition in which business contracts should be made are when franchising, leasing, or selling a business. In all these instances, the person offering the contract and the person receiving it are both safeguarded from any discrepancies that may occur. Since the transaction is completely outlined and both parties have signed it, it makes it a legally binding contract that must be followed by both parties.
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Business contracts? Are they smart contracts?



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