At O'Donnell Law Center, we are frequently asked to review or prepare business contracts for various companies. This week, we thought we'd share a few examples of some of the different types of contracts a new company may need.
1. Employment Contract
When you hire a new employee, you may want to ask them to sign a contract of employment. This contract outlines their responsibilities, your expectations, how certain disciplinary measures may be carried out, and anything else that may influence their performance while at your company. Having a thorough employment contract will give you the authority you need to enforce certain performance standards.
2. Confidentiality Agreement
Contrary to popular belief, financial and legal institutions are not the only types of businesses that can benefit from a confidentiality agreement with their employees/vendors. Restaurants need confidentiality agreements to ensure that their employees do not reveal the ingredients in their private recipes, for example, and marketing companies need confidentiality agreements to ensure their employees do not reveal their client companies. No matter what your industry is, it may be worth considering a confidentiality agreement.
3. Non-Compete Agreement
As an employer, you probably invest a great deal of time into ensuring that you hire the best employees for your team. Non-compete agreements can help protect your investment by preventing your employees from leaving your company to work for one of your competitors or starting their own competing business. In a perfect world you will never have to deal with these types of issues, but a non-compete agreement will serve as valuable protection should one of these situations arise.
4. Services Contract
Any time you sell services to a new client, it is important to get a signed copy of your services agreement back before you begin working with them. This services agreement will outline several different things, such as what your client's responsibilities are, how and when payment is required, and what forms of recourse may be taken if the client fails to pay for services rendered. If your client relationship should break down for any reason, this contract will serve as valuable protection.
5. Lease Agreement
If you are renting your business space, you probably signed a lease agreement before you were allowed to use or occupy the space. If you own your commercial property and want to earn additional income by renting portions of the space to other businesses or vendors, you will want them to sign a similar lease agreement. This will outline how they are allowed to use the space, who pays for utilities/upgrades/repairs, how and when rent payments are required, etc.
O'Donnell Law Center Can Help Construct Or Review Your Business Contracts
While the above agreements serve as excellent examples of the types of contracts your company may need, they barely scratch the surface of the many types of contracts businesses use every day. If you would like help constructing your company's contracts or would like someone to review them to ensure their solidity, contact our business attorney in Osage Beach MO. We will be happy to assist in any way we can.
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O'Donnell Law Center, LLC
Osage Beach, MO 65065