What are the Basic Agreements all Businesses Should Have?
What Basic Agreements Should All Businesses Have?
Operating a successful business is best achieved with some reinforcing and basic agreements to help protect the business against common legal issues. The basic things all businesses have in some form are employees, vendors, contractors, and consumers. So, having agreements in place to address the most common issues encountered with these four factors will help to provide the basics for protection of a business.
Employee Agreements
Employee Agreements help clarify scope and expectations. Examples include:
employee policies; social media policies; remote working policies
confidentiality agreements
non-compete clauses/agreements
trade secret and intellectual property policies/agreements
Vendor Agreements
Vendor Agreements are not always something that can be revised, but they should be clearly understood, and depending on the extent of relationship, volume, etc., some negotiation can be warranted. Types of vendor agreements and/or terms to negotiate include:
supply agreements with specific terms regarding breach and remedy
payment terms
indemnity and hold-harmless agreements
distribution and warehousing agreements
Contractor Agreements
Contractor Agreements identify the scope and expectations, including payment terms, IP rights, and other important factors prevalent in working with contractors. Types of common contractor agreements include:
independent contractor agreements
intellectual property use and rights transfer agreements
Consumer-Related Agreements
Consumer-related Agreements include policies, procedures, and agreements necessary to help protect a business from laws and regulations related to consumer rights and privacy. Examples include:
website terms of use and privacy policies that specifically address the type of concerns prevalent to the type of business and online presence
privacy and data use policies for collecting any kind of consumer private information with opt-out policies clearly defined
e-commerce agreements for online sales
Given the routine and essential nature of these common factors all business encounter, it is imperative businesses seek qualified transactional attorneys to assist in their drafting and operative needs.
For more information on transactional law and agreements in general, see our corporate and commercial law practice page.
Klemchuk PLLC is a leading IP law firm based in Dallas, Texas, focusing on litigation, anti-counterfeiting, trademarks, patents, and business law. Our experienced attorneys assist clients in safeguarding innovation and expanding market share through strategic investments in intellectual property.
This article is provided for informational purposes only and does not constitute legal advice. For guidance on specific legal matters under federal, state, or local laws, please consult with our IP Lawyers.
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