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How can I avoid contract disputes?

Business owners in Florida know that contracts are an essential component of operations. In some instances, you may find yourself embroiled in a contract dispute, which can be costly and time-consuming. While you can't always prevent disputes from happening there are steps you can take to minimize risk, as explained by Inc.

Look to the future

When drafting the contract try to keep your eye on the future. List out what could happen to void the contract, as well as how it will be renewed. Some contracts renew automatically, while others need to be renegotiated. You may also want to include non-compete language, which states that the person signing can't enter into or start another business in order to compete with yours. These clauses can last the life of the contract or extend beyond the contract's end date.

Visit a notary

Having a contract notarized makes it more enforceable. For instance, a person can't claim that he or she didn't actually sign the document after visiting a notary. Also, people are more likely to read through the entirety of a contract when it's being notarized, which prevents claims of misunderstanding after it's already been signed. A notary simply adds an extra level of protection.

Have a budget in place

A majority of contract disputes stem from financial issues. This highlights why it's so important to have a firm budget in place before signing. With a finalized budget, the other person signing the contract will have a clear view of costs and expenses. If costs increase during the life of the contract, the other party will likely find fault. Consider all costs outside of the obvious, such as those relating to fuel and transportation, as well as expenses.

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