Businesses in Oklahoma City and the surrounding areas in Oklahoma may want to learn more about common contract issues that result in disputes. Knowing where issues may develop is important to a new large or small business to avoid a problem in the future. Here are three common areas that a business might want to learn more about.
1. Non-Compete agreements
According to Business News Daily, a non-compete prevents employees from leaving for a competitor, beginning a competing business, or sharing trade secrets. As a protection for the business, many turn to this agreement as a safeguard when hiring new employees.
After leaving the business, the employee may not work for certain companies, viewed as competitors, for a certain period of time. This is all specified.
2. Commercial leases
A commercial lease may be a complicated contract. If you are leasing a commercial space for your business, it is wise to know the following:
- How much you have to pay
- What exactly you’re covering with the lease
- How much your rent will increase each year
Business News Daily suggests you do abundant research before signing the lease. Whether a store or an office space, areas to research include vetting the landlord, researching zoning laws, determining the owner of the building and getting a general feel for the area.
3. Breach of sales contract
Terms of the contract are not fulfilled; you may need business litigation when there is a breach of a sales contract. The customer has agreed to pay a specific amount of money, whether in a lump sum or by installment payments. Both the seller and buyer may breach a contract. A seller may breach a contract if products do not conform to the description or are not delivered on time.
According to Chron, a customer can sue you if you fail to meet your obligations under the contract. The customer may encounter losses because of the breach.
Knowing about these three areas of contract disputes is wise. Even wiser is consulting an attorney with experience in business litigation to help avoid or solve these common disputes. They may help you make your business decisions with confidence.