Contract negotiation strategies essential for your business

One of the most important phases in the lifespan of a contract is negotiation. At this point, the parties engage in conversation, negotiate key provisions of the contract, and ultimately come to an agreement that will benefit both parties in their business partnership. The parties also establish their responsibilities and make plans for any risks …

Why contract management is critical to SOX Compliance?

The Sarbanes-Oxley Act, or SOX, was signed 20 years ago. After over 20 years, substantial financial and auditing standards for publicly traded firms have been established by this federal law, and for many businesses, compliance with SOX is not only required by law but also a smart move. Section 404 is one of the more …

What occurs after the expiration of the 99 years lease term for land?

There are two categories of residential or commercial property: freehold properties and leasehold properties. Unlike leasehold property, which is typically leased for 99 years starting from the time the property is built, freehold property is self-explanatory—it is “free from hold” of any authority other than the owner for an endless period. Leasing is one way …

Exceptions that can make any contract null and void

Consider for a moment that your company has signed a poor contract. Due to their overwhelming workload, many small business owners neglect to carefully review contracts. Others discover that a persistent salesperson is pressuring or coercing them into signing a deal. In either case, the company owner feels the need to void a contract. Can …

Essential Contract Clauses for every Business Contract

Business contracts initially seem to be similar to other types of contracts. These contracts, like other types of contracts, are written commitments where one party provides a good or service to another in return for a benefit. When drafting business contracts, there are a few things you should watch out for. The foundation of every …